Flood-hit Punjab May Join PM Fasal Bima Scheme

HIT BY THE floods in several districts, which have impacted standing crops, Punjab may join highly subsidised Pradhan Mantri Fasal Bima Yojana (PMFBY).

- SANDIP DAS

"We will soon discuss modalities of joining the crop insurance scheme of the centre," Jaswant Singh, director of agriculture and farmers welfare, Punjab, told FE.

Singh said that currently the focus of the state government is to provide relief to farmers while according to initial projections 0.4 million hectare (Million hectare) out of 3.2 Mha crop area has been impacted by the floods due to excessive rainfall in the northern region.

The Punjab government has declared all 23 districts flood-hit.

Earlier, the state had also cited the fact that there is huge financial burden on state exchequer while state has a robust irrigation infrastructure thus the risk level was far less than those in the country's rainfed regions.

Under PMFBY aims at providing comprehensive risk coverage from pre-sowing to post-harvest stages of crops, farmers pay a fixed premium of just 1.5% of the sum insured for rabi crops and 2% for kharif crops, while it is 5% for cash crops.