PMFBY Latest News: State’s Share in Premium should be restored to 50 percent; Thackeray tells Centre

India is an agriculture-based country where nearly 60% of the population directly or indirectly dependent on farming. Notably, due to various natural problems and climatic conditions, farmers face lots of struggles and losses every year. Sometimes due to floods or even drought, farmers have to suffer and bear a lot of financial crises.

After viewing and analyzing this problem, the Modi government started PM Fasal Bima Yojana (PMFBY) in January 2016 which helps in reducing the burden of premium on those farmers.

Recently, Chief Minister of Maharashtra Uddhav Thackeray on Thursday requested the Centre to restore the state government’s share to 50 percent in Pradhan Mantri Fasal Bima Yojna premium. He also said that crop insurance companies must set up offices in districts.

PMFBY: State’s share should be restored to 50%: Thackeray

“For the Pradhan Mantri Fasal Bima Yojana, the state’s share in premium should be restored to 50 percent. The crop insurance companies should have offices at the district level so that farmers can contact the insurance representatives,” he said, adding that the Union government must take measures to ensure that farmers get loans on time.

While speaking at a video conference meeting called by Union Agriculture Minister Narendra Singh Tomar to review reforms in the agriculture sector, Thackeray has appealed this to the central government.

As per reports, farmers pay a 2 per cent amount of crop insurance premium while the Centre contributes 30 per cent. “The state pays the remaining amount. Earlier, the Union and state governments used to pay 50 percent amount each,” said an official, adding that the state now has an additional burden of over Rs 400 crore due to this.