Madhya Pradesh Chief Minister Shivraj Singh Chouhan today hailed the Centre's decision of announcing the new crop insurance scheme as a "revolutionary step".
"Decision to compensate farmers 100 per cent through 'Pradhan Mantri Fasal Bima Yojana' is a revolutionary step. It will ensure their financial security," Chouhan, currently on a four-day visit to Singapore, said in a series of tweets.
Expressing gratitude towards Prime Minister Narendra Modi, Chouhan said "Highly thankful to PM @narendramodi for historic decision to bring new crop insurance scheme. It will certainly provide succor to farmers."
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The Centre today cleared a crop insurance scheme under which farmers' premium has been kept at a maximum of 2 per cent for foodgrains and oilseeds and up to 5 per cent for horticulture/cotton crops.
To be rolled out from the kharif season this year, the much awaited scheme - Pradhan Mantri Fasal Bima Yojana - was cleared at a Cabinet meeting, headed by Modi.