Farmers to get Rs 657.32 cr compensation

Farmers in Odisha affected by last year's drought and floods would get compensation of Rs 657.32 crore as crop insurance. The state government on Wednesday sanctioned Rs 277.72 crore towards state's share. About 571,000 affected farmers would get the benefit. "As the state government had considered panchayat as a unit for the agricultural insurance, a large number of farmers would get the benefit," an official release issued by the Chief Minister's office said. Chief Minister Naveen Patnaik has directed the cooperation department to pay the crop insurance money to the farmers affected by the last year's drought and floods within seven days. Agriculture Insurance Company of India Limited's (AIC) chairman and managing director Milind A Kharathanded a Rs 110 crore to the managing director of Odisha State Cooperative Bank. The sum will be deposited to the beneficiaries' accounts through electronic transfer system.