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Govt to launch farm income insurance scheme: Minister

While unfolding the details of the plan, agriculture minister said, ‘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. The farm income insurance scheme will protect farmers against natural calamities.’

While inaugurating a seminar on concept of farm income insurance scheme at Ahmedabad, Radha
Mohan Singh said that agriculture is largely dependent upon monsoon, which leads to uncertainty in production and price of agricultural produce.

The minister further said, ‘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,’ Singh said.

Mentioning the sea change in agricultural scenario over the past few years, Singh said that foodgrain production has touched a record figure of 264.38 million tonnes during the year 2013-14. It is a matter of great pride that today we are producing more than our requirement of consumption.

Even the states considered to be backward are producing foodgrains in excess. Our godowns have adequate foodgrains and we are in a position to meet any adverse contingency. During the year 2013-14, the country exported agricultural products worth Rs. 2.41 lakh crore. The country anticipates to exceed the targeted growth rate of 4 per cent during the 12th Five Year Plan, he added.

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