Chief Minister MK Stalin on Monday inaugurated the scheme of providing crop insurance to farmers under which Rs 1,597.18 crore would be distributed as compensation to 6 lakh farmers across the state.
The total compensation fund will be distributed through two companies, Rs 1,089.53 cr through IFFCO Tokio pvt Ltd and Rs 507.65 cr through Agriculture Insurance Company of India.
The state in the recently submitted Agriculture budget announced Rs 2,327 crore as crop insurance for the year 2021-22 and out of the fund Rs 1,553.15 crore has been given as subsidy for crop insurance firms.
For the Samba season, 2021-22, the state issued a GO asking farmers to insure their crops and the scheme commenced from September 15. As on date, so far 61,871 farmers have insured their crops.