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.
"To support the farmers of the state in stabilising their incomes against the risks of crop failure, the Meghalaya government has decided to provide free premium support amounting to Rs 4.4 crore, covering both kharif and rabi seasons during FY24, whereby the premium for the farmers shall be paid by the state to an extent of 100 percent of the premium amount," Meghalaya's department of agriculture and farmers' welfare said in a statement.
The statement added that the scheme had been made applicable to all farmers of the state growing the crops in the notified areas up to 1 acre per crop per farmer.
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.
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.
Also Read: Tur dal MSP hiked by Rs 400 a quintal, check new rates of paddy, maize and other Kharif crops
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