Farmers to Receive Rs 1700 Crore in Crop Compensation


By Robin Kumar Attri

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The state government approves Rs 1700 crore to compensate 22.74 lakh farmers for crop losses due to 2023 rains.

Key Highlights

Good news for farmers: the state government has approved Rs 1700 crore for crop compensation. This amount will be distributed among the farmers whose crops were damaged due to rain in 2023. About 22.74 lakh farmers will receive compensation for their losses from January to October 2023.

Heavy Rain in August 2023

Last year, heavy rain in August damaged most of the Kharif crops in Maharashtra. Initially, 50 lakh farmers received 25% compensation under the Pradhan Mantri Fasal Beema Yojana (PMFBY), amounting to Rs 2200 crore. However, the remaining 75% of the compensation still needs to be paid, leaving farmers in financial distress. The new compensation amount approved by the state government aims to provide relief to these farmers.

Basis for Crop Compensation

Under PMFBY, compensation is given if crop failure lasts for more than 21 days and there is a 50% decline in production. The Agriculture Department conducts crop-cutting experiments to determine average production. If production is lower, insurance companies pay the remaining compensation after deducting the 25% advance.

Insurance for Farmer’s Crops at Just One Rupee

In Maharashtra, farmers can insure their crops for just one rupee under the PM Crop Insurance Scheme 2024The state government pays the insurance premium on behalf of the farmers, making it affordable for them to insure their crops like paddy, maize, millet, and more. The last date for insuring Kharif crops is July 15, 2024.

Economic Growth and Agriculture Sector

According to the Economic Survey Report 2023-24, Maharashtra's economy is expected to grow by 7.6% in line with the Indian economy. The agriculture sector is expected to grow by 1.9%, the industry sector by 7.6%, and the service sector by 8.8%. The state's average share in the all-India GDP is the highest at 13.9%.

Call for Loan Waivers

Shiv Sena (UTB) leader Uddhav Thackeray raised the issue of farmer suicides, stating that on average, nine farmers commit suicide daily in Maharashtra. He demanded the state government waive the pending agricultural loans of Rs 10,022 crore before the elections to provide much-needed relief to the farmers.

Welfare Scheme Proposal for Boys

Uddhav Thackeray also suggested that welfare schemes like the Ladli Bahana Yojana, which benefits girls, should be extended to boys. He believes that both girls and boys should receive equal benefits from such schemes.

Also Read: Farmtrac Launches Advanced Worldmaxx Tractor Series with Six Variants

CMV360 Says

The state government's approval of Rs 1700 crore in crop compensation offers crucial relief to 22.74 lakh farmers affected by rain in 2023. This initiative, along with affordable crop insurance, aims to mitigate farmer’s financial struggles. With the agriculture sector expected to grow by 1.9%, and calls for additional support, the government's measures are vital for enhancing the livelihoods and economic stability of Maharashtra's farmers.