Union Commerce Ministry approves Revenue Insurance Scheme for Plantation Crops
The Union Ministry of Commerce and Industry has launched pilot Revenue Insurance Scheme for Plantation Crops (RISPC) for protecting the growers from the risks such as pest attacks, yield loss and income decline caused by fall in prices.
It was announced by Union Minister of State (MoS) Commerce and Industry Nirmala Sitharaman in a written reply to the Rajya Sabha.
About Revenue Insurance Scheme for Plantation Crops (RISPC)
- RISPC announced in September 2016 is improved form of the Price Stabilization Fund (PSF) Scheme, 2003 which was closed 2013.
- It was launched for protecting growers of plantation crops from twin risks of yield loss due to pest attacks, adverse weather parameters etc. and income loss caused by fall in domestic and international prices.
- It shall be covering tea, coffee, rubber, cardamom and tobacco plantations and shall be implemented by the commodity boards.
- It will be implemented on a pilot basis for two years i.e. till 2018 in eight districts in West Bengal, Kerala, Andhra Pradesh, Assam, Karnataka, Sikkim and Tamil Nadu.
- On the basis of performance of the scheme in pilot project, it will be considered for extension to other districts.