ALSO READOver 4 cr farmers may opt for Pradhan Mantri Fasal Bima Yojana 22 States/UTs implementing Pradhan Mantri Fasal Bima Yojana 22 states have introduced new crop insurance scheme Modi Government released Rs. 118 crore for the year 2016-17 for farm mechanization: Shri Radha Mohan Singh Don't include sugarcane under crop insurance: Centre to UP
"As per tentative data available, during kharif 2016 about 326 lakh farmers have been insured covering an area of 380 lakh hectare for sum insured of Rs 1,37,535 crore as compared to 309 lakh farmers during kharif 2015 season covering an area of 339 lakh hectare for sum insured of Rs 69,307 crore," Agriculture Minister Radha Mohan Singh said in Lok Sabha.
He said there is an increase of about 5.5 per cent in farmers covered, 12 per cent in the area covered and about 100 per cent in the sum insured during first season of implementation of Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Insurance Scheme (WBCIS) itself as compared to the kharif 2015 season.
Singh further said, the government aims to enhance the area under PMFBY and WBCIS up to 50 per cnet of the gross cropped area within next 2-3 years.
"...During 2016-17, a budget provision of Rs 5,501.15 crore was made for implementation of PMFBY/WBCIS and meeting the liabilities under erstwhile schemes.
"However, based on the tentative demand received from implementing insurance companies, additional resources by way of supplementary demand has been provided and Rs 7,955 crore has already been released," Singh said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)