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Govt planning to introduce crop insurance scheme for farmers

By Religare
|

The Indian Government has said that it is planning to introduce a crop insurance scheme as part of its policy to address problems of the farmers in the agricultural sector, media reported.

Commenting on the issue, Parliamentary Affairs Minister M Venkaiah Naidu told the media, "What is to be done is we need to go for agriculture crop income insurance... that is the need of the hour. So the government is looking into that."

 

"Unless Centre and states join together in the scheme, it is not easy to implement because the resources required is vast and the sector is a challenging sector," he added.

The Government is planning to set aside Rs 8,50,000 crore for the crop insurance scheme and is also looking at ways to further reduce the interest rate on farm loans.

The Government also wants to reverse the trend of farmers availing loans from private moneylenders to financial institutions.

Story first published: Monday, July 27, 2015, 12:40 [IST]
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