Terming agriculture as “absolutely critical to the country’s economy”, union Finance Minister Arun Jaitley on Tuesday launched the “Pradhan Mantri Fasal Bima Yojana” and “Unified Package Insurance Scheme” here.
He said the revamped insurance schemes now launched have the potential to reduce distress in the farm sector and would be rolled out in a “mission mode” from April 1 to cover Kharif crops.
Though the country had crop insurance schemes in the past, they were partially successful as they were mainly linked to crop loans, Jaitley pointed out.
“This is a crop insurance scheme with a difference, and the difference is absolutely critical to the Indian farmer,” he said.
Since it was dependent on large volumes, the new scheme could cover much larger risks at a very low premium, he said.