Good news for Indian Farmers. Over half of the population in the country is involved in agriculture and farming. Because of this, the Indian government pays special attention to the needs of farmers. They roll out various schemes aimed at providing maximum support to these farmers. One such initiative is the PM Kisan Samman Nidhi Yojana, which specifically targets marginal farmers.
Additionally, the government offers assistance for purchasing different farming equipment and has programs in place to help farmers avoid losses when growing their crops. Under a central government scheme, farmers can receive benefits worth thousands by paying just 1 rupee. Let’s dive into what this scheme is and who can take advantage of it.
Farmers can benefit from this scheme by paying just Rs 1
Crops often face destruction due to a variety of factors, leading to significant financial losses for farmers. Issues like hailstorms, heavy rainfall, droughts, and floods can wreak havoc on their harvests. To shield farmers from these losses, the Indian government launched the Pradhan Mantri Fasal Bima Yojana in 2016.
This scheme provides crop insurance for farmers. If their crops are damaged due to adverse weather conditions or other factors, the government compensates them. In Maharashtra, for instance, farmers can get insurance under this scheme for a premium of just Rs 1.
Investing just 1 rupee can lead to thousands in returns
In 2023, the Maharashtra government began offering insurance to farmers at a premium of only Rs 1 through the Pradhan Mantri Kisan Yojana. According to government statistics, over 7.43 lakh hectares of onion crops were insured in Maharashtra for the 2024-25 period. One farmer, Tukaram, who grows onions, insured his crop for just Rs 1.