New Delhi. Telangana Agriculture Minister Singireddy Niranjan Reddy expressed his disappointment with Pradhan Mantri Fasal Bima Yojana (PMFBY) introduced by central government. According to him, this plan failed to adequately help farmers in need.
With this criticism, he also announced in a response to a query from Congress member T Jeevan Reddy during the Question Hour in the State Legislative Council that the State government was actively developing a comprehensive crop insurance program to provide meaningful relief better assist farmers during any adverse weather conditions.
Crop insurance models implemented in other states, specially adopted by Rajasthan and West Bengal were closely examined to create an effective scheme.
The Minister admitted that crop insurance programs are generally conducted by insurance firms for financial gain, underscoring the need for a practical approach that could assure the mutual benefit of farmers and insurance companies. He stressed that in-depth investigation and analysis were being carried out to create a comprehensive crop insurance structure.
Minister crop insurance voiced dissatisfaction with the PMFBY’s results in his reflections. The plan ultimately failed to provide the aid that farmers desperately needed as they struggled to cope with unpredictable monsoons, untimely showers, droughts, and floods. He questioned the program’s many problems, including the fact that farmers owe thousands of crores in unpaid dues while insurance corporations profit financially. Several states including Telangana, Andhra Pradesh, Bihar, Jharkhand, West Bengal, and Gujarat also chose to withdraw from the PMFBY.
He also noted that throughout a four-year period, the State and Central governments provided a premium totaling Rs. 2,415 crores. However, the farmers actually only collected roughly Rs. 1,893 crores in claims, which represents a significant loss of Rs. 525 crores. The State decided against participating in the PMFBY program in favor of creating a better alternative that actually prioritizes the interests of farmers due to the perceived lack of benefits for them.
Minister Niranjan Reddy emphasized the State government’s ongoing initiatives to assist farmers who have been impacted by hailstorms. The government has already allocated Rs. 151.65 crores for this purpose and is providing an input subsidy of Rs. 10,000 per acre for agricultural losses that occurred in March and April. A further Rs. 160 crore is expected to be released soon to support struggling farmers.
