Plans were also afoot to connect 550 farmer markets in the country through the use of technology, Modi said while formally launching the 'Pradhan Mantri Fasal Bima Yojana' at a farmers' rally in Sherpur in Sihore district of Madhya Pradesh.

Giving details of the programmes and schemes launched by the BJP-led central government for the farmers, he said the national agricultural market will provide a platform so that the farmers get the maximum price for their produce.

He pointed out that the prices of various farm produce varied in different markets in the country but the farmers sold their yield at the nearest available market.

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This resulted in unremunerative prices to the farmers, which was sought to be redressed by the virtual platform of national agricultural market, Modi said. The prime minister said the 'Digital India' initiative would also help the farmers by giving them access to information on the best price offered for farm produce on their mobile phones in an instant.

He said that the Prime Minister's Crop Insurance Scheme, launched by his government last month, will be a panacea for all problems faced by the farmers."Farmers did not believe in the crop insurance policies of the previous United Progressive Alliance government. It is the main reason that not even 20 percent farmers in the country opted for crop insurance.