PM Fasal Bima Yojna was designed to profit the insurance companies at the cost of the farmers, says P Chidambaram
Former finance minister and senior Congress leader P Chidambaram has launched another attack at the Narendra Modi government by saying that the Prime Minister Fasal Bima Yojana has been designed to allow insurance companies to rob farmers.
In a series of tweets, P Chidambaram criticised the policy, and said: In 2016-17, insurance companies made a neat profit of Rs 6460 crore! Robbing the farmers to fatten the insurance companies.
He said that the Congress had cautioned about the scheme, which was “designed to profit the insurance companies at the cost of the farmers”.
In 2017-18, insurance companies are likely to make a profit of Rs 8000-9000 crore
— P. Chidambaram (@PChidambaram_IN) November 14, 2018
P Chidambaram comments followed the RTI revelation that over 84 lakh farmers have withdrawn from the scheme. RTI activist PP Kapoor sought details of the scheme, upon which he learnt that insurance firms earned over Rs 15,000 crore in two years of the scheme, media reports said.
The government under the leadership of Narendra Modi launched Pradhan Mantri Fasal Bima Yojana in 2016, with the aim to help needy farmers through the insurance route. However, many media reports highlighted discrepancies in the scheme adding to farmers’ woes.