IRDA has asked the govt to continue with the scheme for at least seven years to assess the results before making any change. Under the proposed risk pool format, it is proposed to create a government-owned agency that will have the mandate to fix crop premiums and payouts. The participating insurance companies would be restricted only to administrative functioning against a fixed charge.
Payment for damaged rice, cotton, oilseeds, pulses, sugarcane and horticulture crops will be paid under the Pradhan Mantri Fasal Bima Yoja in which a farmer contributes only 1.5% to 2% of the insurance cost and the balance is shared by the Centre and states. Officials have estimated payout of Rs 4,000 crore in MP, and Rs 1,000 crore to Rs 1,200 crore each in Karnataka and Andhra Pradesh.
Under the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) Yojana, the central government provides income support of Rs 6,000 per year to all farmer families in the country, paid in instalments of Rs 2,000 every four months. The instalment for the December 2019 to March 2020 will be transferred to Aadhar-authenticated bank accounts at one go this month.
Nirmala Sitharaman recently asked states to scrap APMCs and join eNAM to help farmers get better price realisation of their produce. APMC is a marketing board meant to moderate prices and prevent big traders from exploiting farmers. Officials said business transactions are growing and more than 150 commodities are being traded on the electronic platform.
The world’s largest producer of palm oil, is focusing big on exports to countries like India and China to overcome the likely setback it may face from the European Union, which may cut down on imports of palm oil products.
A restriction will help India encourage import of more crude oils, facilitating better utilisation of the refining capacity of the domestic industry. Currently, both refined and crude edible oils are under the free category of foreign trade, resulting in an unrestricted inflow into the country.
One in every five complaints filed on the helpline was against an e-commerce company.
This year, the government has allowed 400,000 tonnes of tur dal import and the window closes on Friday. The import window for urad and moong closed on October 31. “Like onion, pulses may also see a steep price rise. Delay in allowing imports will not help,” said the consumer affairs ministry official.
India spends over Rs 70,000 crore to import about 15 MT edible oil to meet its annual requirement of 25 MT, making it one of the biggest buyers of the cooking medium. The need for a “zero edible oil import” plan was discussed by commerce minister Piyush Goyal at an inter-ministerial meeting.
The prices of onions, which had touched Rs 80 per kg in August and September, have again shot up to Rs 100 a kg in some places due to a shortage, triggered by unseasonal rainfall leading to crop damage in the main onion growing zones in Maharashtra. Traders have been demanding to liberalise these norms for a faster import of onions to India.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon