Cabinet opens the door for pvt players in crop insurance

After a decade of launching the National Agricultural Insurance Scheme (NAIS) which protects farmers against losses incurred due to crop failure on account of natural calamities, the government on Thursday decided to modify it by introducing several key provisions which will facilitate private sector participation in scheme. Presently, NAIS is implemented by Agriculture Insurance Company of India where state-owned General Insurance Company of India and Nabard has 35% and 30% stake, respectively. The Cabinet Committee on Economic Affairs (CCEA) approved the Modified National Agricultural Insurance Scheme (MNAIS) to be introduced during rabi season of 2010-11 on pilot basis in 50 ...

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