Farm Income Insurance Scheme to Provide Protection to Farmers Against Natural Calamities is on the Cards: Radha Mohan Singh
Production and price risks affect the income of farmers, which has adverse effect on their capacity to invest in advance crop varieties, techniques of production and capital formation in farm sector. Inaugurating a Seminar on concept of farm income insurance scheme at Ahmedabad today, Union Minister of Agriculture, Shri Radha Mohan Singh said that agriculture is largely dependent upon monsoon, which leads to uncertainty in production and price of agricultural produce.
Government is considering to launch farm income insurance scheme so that these two important components i.e. production and price can be tackled under single policy instrument. The objective of this scheme would be to protect the farmers by giving them insurance cover for their production and market risks. The scheme aims to ensure continuous production, protection to livelihood and crops, encouragement to multiplicity of crops, which may promote competition from the angle of exports.