Kochi: The unique income guarantee scheme for farmers proposed by Finance Minister K.M. Mani in Friday’s budget will benefit those who lose their crops due to natural calamities. Kerala is the first state in the country to come up with such a novel scheme.
As per the insurance-linked scheme, a farmer hit by any natural calamity would be guaranteed a 20 per cent profit over and above the cost of production. The cost of production is worked out as per the agriculture department’s manual. The scheme covers 25 crops which include all important ones grown in the state.
The government would bear 90 per cent of the cost of insurance premium for this. The farmer needs to register for the scheme by paying the remaining 10 per cent. Agriculture secretary K.R. Jyothilal told DC that other details of the scheme would be worked out in the next two months and a tender would be floated soon to select the insurance company to partner the scheme.
