New crop insurance scheme a revolutionary step: MP CM Shivraj Singh Chouhan

Madhya Pradesh Chief Minister Shivraj Singh Chouhan on Wednesday hailed the Centre's decision of announcing the new crop insurance scheme as a "revolutionary step".

"Decision to compensate farmers 100% 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."

"Existing crop insurance schemes had many shortcomings. In most cases, schemes were not good enough to reduce the hardships of farmers," he said in another tweet.

The Centre today cleared a crop insurance scheme under which farmers' premium has been kept at a maximum of 2% for foodgrains and oilseeds and up to 5% 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.