INDIAN CROP INSURANCE SCHEME READY TO LAUNCH
A rainfall-based crop insurance scheme, proposed by Indian finance minister P Chidambaram in his 2007/08 budget speech, is all set for launch, according to local reports. Formal approval is being awaited from the Agriculture Ministry, claimed Business Line
. The rainfall-based scheme differs from the existing agricultural insurance in that it is based on easily measurable rainfall levels, rather than on actual crop yields, which take time to assess, resulting in payment delays. The scheme is also being subsidised by the states, with the total subsidy liability being estimated at Rp1.1bn ($27.22m). The minimum triggers vary according to crop and according to the stage of crop development, with minimum rainfall triggers covering the sowing and germination stages, vegetative phase, flowering stage, and maturity stage.
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