New Prime Minister Crop Insurance Scheme: A Positive Step Towards Our Farmers’ Interest
January 15th, 2016
Image Source: huffingtonpost, flickr
India has a huge dependence on agriculture for its economy and yet it is one of the most neglected spheres of our society. Farmer suicides are so common in our country that its almost all we can see in the newspaper everybody. We probably will never be able to understand the complexities in the lives of the farmers that lead to situations coercing them to give up on life but we can agree that the dissatisfaction arises from money troubles. Despite diligently working for almost the entire year to make some money from the crops they grow but when natures untimely attacks ruin their crop they are left with nothing for the rest of their year. Previously introduced schemes by the government have not been largely successful in solving our farmers issues because of the extremely large premium rates that the farmers had to pay in return for security against crop failure. Since this premium is itself not affordable for them, you cannot expect them to make timely payments for the sake of crop security.
The Union Cabinet on Wednesday approved the launch of Pradhan Mantri Fasal Bima Yojana (Prime Minister Crop Insurance Scheme) which will be really helpful to the farmers. Till now, more than 3 lakh farmers have committed suicide since 1995 and in the year 2015, 3,228 farmers committed suicide in Maharashtra, with 610 deaths in just two months, State records highest ever suicides by farmers. The govt. has launched this initiative hoping that this move helps farmers.
The salient feature of this initiative are:
■ Under this scheme, the premium rates to be paid by the farmers have been brought down substantially so as to enable more farmers avail insurance cover against crop loss on account of natural calamities.
■ Under the scheme, farmers will pay 2 per cent of premium fixed by insurance firms for kharif crops and 1.5 per cent for rabi crops.
■ For annual commercial and horticultural crops, farmers will have to pay a premium of 5 percent.
■ The new crop insurance scheme, worth approximately Rs. 8800 crore, aims at protecting farmers against crop failure.
■ The scheme will come into effect from the upcoming kharif season.
Share your thoughts..
Empowering The Underprivileged Through Social Initiatives
After a hectic day at work, we return to the comfort of our homes. Yes, we struggle to make a living, but we also have support in multiple areas.
We don’t have to fend for water – the municipality supplies it to us. We don’t walk to the office and sometimes lose our way in the middle – we rely on maps in our smartphones. Even when we were young, we had the luxury to attend good private schools that helped us transform into who we are today.
We are the ones blessed with privilege.
But what about the other half of our country’s population?
ICICI Bank, through its corporate social responsibility initiatives, is empowering our nation’s underprivileged. It has undertaken seven initiatives to bring about a change in India.
Digital Villages: Being self-made gives us a sense of accomplishment like no other. There are thousands in our villages who wish to start new ventures but lack financial support and the required skills. To give them a chance to run their own businesses, ICICI is providing easy loans, digital banking and market access in villages.
Women Empowerment: Women are the backbone of our society, therefore, making them economically independent and self-reliant is essential. ICICI provides loans and assistance to women-led groups and helps them in starting or expanding their own businesses. It has empowered more than 2.5 million women.
Skill Development: A skill can change a whole family’s future. In an attempt to uplift the underprivileged youth of our nation toward a better tomorrow, ICICI has given free vocational training to over 1,90,000 of them, in both rural and urban sector, through its Academy for Skills and Rural Self Employment Training Institutes.
Education: Our children are our future leaders, therefore ensuring that they receive a good education is imperative. But this can only be made possible when our teachers are capable too. ICICI has sought not only to renew curriculums but train teachers as well. These initiatives have upgraded 950+ schools and ensured better learning experience for students.
Clean India: To set the course for a cleaner India, ICICI has constructed 500 toilets in rural schools and undertaken cleanliness drives around their branches.
Green India: For a sustainable future, ICICI has started tree plantation drives and undertaken initiatives for solar electrification of villages. Many of its branches also run on solar power.
Health: To enable a stronger tomorrow, ICICI has sought to reduce child undernutrition, improve the health of rural women and contribute to surgeries for underprivileged children
ICICI has impacted lives of over 17 million underprivileged people through its initiatives – “Empowering people, transforming lives”. They have begun an extraordinary journey which is crucial for the overall growth of our nation. #TransformingLives