Meghalaya extends 100% subsidy in crop insurance premium for farmers

Meghalaya extends 100% subsidy in crop insurance premium for farmers

Daily Current Affairs / Meghalaya extends 100% subsidy in crop insurance premium for farmers

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Category : State Published on: June 10 2023

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The Meghalaya government has extended 100 pecent subsidy for premium support to farmers under the crop insurance scheme 'Pradhan Mantri Fasal Bima Yojana' for both kharif and rabi seasons this fiscal year.
The Government of Meghalaya has decided to provide free premium support amounting to Rs. 4.4 crores, covering both Kharif and Rabi seasons during 2023-24, whereby the premium for the farmers shall be paid by the State Government to an extent of 100% of the premium amount.
The move comes as the state says its vision is to have a farmer-centric approach in devising a strategy to protect them from crop failure risks.
Pradhan Mantri Fasal Bima Yojana (PMFBY), the crop insurance scheme was implemented in Meghalaya in 2016. Its main objective is to provide financial assistance to farmers suffering from crop damage or loss because of natural calamities or events.

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