The state government of Maharashtra has recently issued three significant Government Resolutions (GRs) concerning the remaining part of the expenditure for 2024 and the revised crop insurance scheme for the kharif season 2025-26. Notably, the decision has been taken to boost financial security of the farmers in the state through crop insurance schemes. Under these resolutions, approval has been given to pay out nearly Rs 275 crore to crop insurance companies, including the share of the state government and farmers.
Funds approved for Rabi season 2024-25
In the last season, there was a huge loss of agricultural crops, especially in the districts of Nanded, Solapur, Parbhani. Consequently, farmers awaiting insurance benefits are likely to get immediate help from this scheme that was implemented under the concept of ‘Crop Insurance at One Rupee’
The state government has approved the distribution of the remaining share of Rs 207 crore 5 lakh 80 thousand 776 under the crop insurance scheme for the Rabi season of 2024-25 to the 9 crop insurance companies. Additionally, the farmers’ share has been approved under this scheme, for which Rs 15 crore 59 lakh 71 thousand 986 will be given to these insurance companies.
The state government has declared the first installment of advance funds for the revised crop insurance scheme to be implemented in the Kharif 2025-26 season. two insurance companies-Agricultural Insurance Company of India and ICICI Lombard, have been chosen under this scheme. The government has sanctioned the first installment of Rs 1,530 crore for implementation.
Distributing the remaining funds of 2024
In all these three GRs, the remaining share of 2024 i.e. Rs 260 crore of the state government and Rs 15.60 crore of the farmers’ funds have also been approved for distribution to insurance companies under these newly issued Government Resolutions, resulting in the removal of the problems of funds approved earlier but pending for distribution so that farmers would get insurance benefits on time.
The decision taken by the state govt. will ultimately provide a sigh of relief to thousands of farmers as the amount will be deposited in their bank accounts who are waiting for the insurance compensation.