Tamil Nadu Chief Minister M K Stalin on Thursday announced crop insurance compensation of Rs 560 crore to farmers in the state who suffered losses due to rainfall deficit in the Northeast Monsoon during samba cultivation season in 2022-23.
The sum will be deposited into the bank accounts of six lakh eligible farmers from the districts notified as affected by natural calamities such as drought, flood, cyclones, and monsoon failure, he said.
During 2022-2023, 11.20 lakh farmers enrolled under the crop insurance scheme for the paddy crop raised in 24.45 lakh acres. The state government provided a subsidy of Rs 1,375 crore out of the total insurance sum of Rs 2,319 crore, while the Centre provided Rs 824 crore as insurance premium subsidy, and the farmers contributed Rs 120 crore, a release said.
Though 46 lakh MT of paddy was produced during 2022-23, the Northeast Monsoon rainfall was deficient in Ramanathapuram, Sivaganga, Pudukottai, Tenkasi, Virudhunagar, and Thoothukudi districts resulting in over 33 per cent damage to the crop raised in 3,52,797 acres due to moderate drought.