PMFBY number one crop insurance scheme globally in terms of farmers enrollment: Tomar
The Pradhan Mantri Fasal Bima Yojana (PMFBY) has become the world’s number one crop insurance scheme in terms of farmer applications enrolled, Agriculture Minister Narendra Singh Tomar informed Parliament on Tuesday. The PMFBY is also the world’s third-largest crop insurance scheme in terms of gross premium, Tomar said in his written reply to the Lok Sabha.
Launched in 2016, the PMFBY provides for comprehensive risk insurance against crop damage due to non-preventable natural risks from pre-sowing to post-harvest for the crops/areas notified by the concerned state government.
“The scheme has already become the number one crop insurance scheme in the world in terms of farmer applications enrolled. In terms of gross premium, the scheme is the 3rd largest in the world,” Tomar said.
Delhi wheat prices hit record high
Wheat prices in the benchmark Delhi market touched a record high level of Rs 2915/quintal in the opening trade today morning as stock position is becoming tight. Wheat prices had declined by close to 1% within a day in the previous week on rumours that the government may sell wheat in the open market.
Millers had stopped buying, anticipating government announcement, which did not bring them back in the market to buy wheat. This has lifted the wheat prices this week. Wheat millers and traders expect the wheat prices to soon touch the psychological benchmark of Rs 3000/quintal.
Till the previous year, the government used to sell wheat in the open market under the Open Market Sales Scheme (OMSS) through regular tendering. However, this year, the government has not operated OMSS due to lower wheat stocks in the public graineries.
Copra prices hit by NAFED’s move to sell procured stocks
NAFED had procured around 40,600 tonnes of milling copra from Tamil Nadu and 255.55 tonnes from Kerala
The decision by National Agricultural Cooperative Marketing Federation (NAFED) to sell copra procured from farmers in the open market has pulled down prices of the commodity.
Copra prices are hovering at ₹87 per kg in Kerala and ₹82 in Tamil Nadu. Traders pointed out that prices were in a revival mode to reach ₹96 after dropping to ₹76 two months ago. However, the NAFED decision has further hit the prices.
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