-Newsclick.in Insurance companies have already earned about Rs.16,000 crore in three seasons. The much-hyped Pradhan Mantri Fasal Bima Yojana (PMFBY) – supposed to provide insurance protection to farmers against crop losses due to natural events – has turned into a bonanza for insurance companies while farmers are angry over delays in claim settlement, rejections and paltry compensation. Launched in 2016, four full seasons have passed since and the financial transactions show earnings...
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Why firms love crop insurance more than farmers
-The Times of India NEW DELHI: The government's ambitious crop insurance scheme has proved to be a jackpot for insurance companies last year, which collectively earned 85 per cent profit (after excluding administrative and reinsurance expenses) during the 2017-18 kharif season. Kharif is an Indian cropping season which extends from July to October. 17 insurance firms (5 public and 12 private) empanelled under the Pradhan Mantri Fasal Bima Yojana (PMFBY) registered a...
More »Modi's Flagship Crop Insurance Scheme Wavering as Farmers Continue to Suffer -Bani Bedi
-TheWire.in In Maharashtra, a mere 7% of total claims have been settled under the Pradhan Mantri Fasal Bima Yojana. New Delhi: In April this year, Beed district in Maharashtra won an award for ‘effective implementation’ of the Pradhan Mantri Fasal Bima Yojana (PMFSBY) – the Centre’s flagship crop insurance scheme for farmers. However, last week it was reported that farmers in Beed were provided compensation amounts of Re 1, Rs 2,...
More »PMFBY: Modi govt's crop insurance scheme sees decline in farmers' enrolment -Namrata Acharya
-Business Standard Between FY16 and FY17, the number of farmers enrolled in the scheme declined from about 57.3 million to about 48.5 million, a fall of around 15% Kolkata: The Pradhan Mantri Fasal Bima Yojana (PMFBY), the flagship crop insurance scheme of the Narendra Modi government, has entered its third year of operation, albeit with a substantial decline in farmers' enrolment in its second year, the data reveals. Between FY16 and FY17, the...
More »Farm, Fractured -V Kumara Swamy
-The Telegraph As Prime Minister Narendra Modi prepares to mark his fourth anniversary in power, V. Kumara Swamy takes stock of how hollow his promises to farmers have been. Will there be a price to pay? Hemant Patidar, a farmer, has been camping at the Mandsaur mandi in Madhya Pradesh with 15 quintals of “good quality” garlic for more than a week now. The price has been on a downslide for the...
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