For the first time the crop insurance facility was accessed and resulted in claims of almost US$128,000 ($27m) from 2,068 farmers affected by above-normal-rainfall during the first crop of 2026.
This is according to the government’s mid year report released on Monday.
The crop insurance programme follows a model where the government will subsidise financing of premiums under a supplemental coverage option through a partnership with United Phosphorus Limited, a top Indian agrochemical company, and the United States’ Phillip Morris International. It is a three-year pilot programme that was developed as a means of mitigating risks to local rice farmers.
The government’s mid-year report also said that in the first six months of this year, Government commenced the rolling out of cash subsidies to farmers. Farmers with 50 acres or less received $15,000 per acre and those with more than 50 acres received $10,000 per acre, resulting in $2.8 billion, as highlighted above, being paid to 5,106 farmers, covering 234,920 acres.
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