Krushi Pak Vima Yojana: Premium on Cotton reduced by 6%, Banana 2.27%
July 25, 2014
Gandhinagar, 25 July 2014
Gujarat Chief Minister today thanked Prime Minister of India for reduced rate of premium of crop insurance for Cotton farmers of Gujarat from earlier 17.19% to 6%. It should be mentioned that the state government had declared subsidy of 6% and therefore effective rate of premium was 11.19%. Now the centre has reduced it further, and therefore effective premium has come down to 6% only.
According to Agriculture Minister Babubhai Bokhiria, the UPA government had increased the premium rate and made it as high as 17.19%. It is the Narendra Modi led NDA government which has reduced the rate.
He said the premium rate for commercial crop like Banana has been reduced by 2.27% from 4.37% to 2.0%.
The Minister further said that farmers who have completed sowing and filed proposal only will get benefit of the scheme. During the assessment of something is found wrong, insurance will not be paid in such case and even premium will be confiscated.
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