New Delhi: Reaching out to the farmers, Prime Minister Narendra Modi on Wednesday raised by 50 per cent the quantum of compensation to farmers affected by crop losses due to recent unseasonal rains. Besides, the criterion of 50 per cent crop damage for providing compensation to farmers has been reduced to 33 per cent, which will help more people get better compensation for the crop loss.
The PM said that he has also asked banks to restructure loans of the affected farmers and instructed insurance companies to pro-actively settle their claims. “Second important decision we have taken is to raise the parameters for helping him (farmers). The amount of compensation has been increased to 1.5 times. If earlier, he was getting Rs 100 as compensation, now he will get Rs 150, if it was Rs 1 lakh, he will get Rs 1.5 lakh, a 50 per cent increase,” Mr Modi said, adding, “farmers will now be eligible for subsidy if 33 per cent of their crops has been damaged”.
