CURRENT AFFAIRS

Detailed explanation-1: -HDFC ERGO launches first-of-its-kind satellite index-based Farm Yield Insurance Policy. The farm yield insurance cover will provide composite insurance to crops across stages of the cropping cycle, without the requirement of tedious manual surveys.

Detailed explanation-2: -First ever Crop Insurance scheme - 1972 The first crop insurance program was introduced in 1972-73 by the ‘General Insurance’ Department of Life Insurance Corporation of India on H-4 cotton in Gujarat.

Detailed explanation-3: -To provide financial support to the farmers in the event of failure of crops as a result of natural calamities, a Comprehensive Crop Insurance Scheme (CCIS) was introduced in the country with effect from Kharif, 1985. The participation in the scheme was voluntary and the States were free to opt for the scheme.

Detailed explanation-4: -The history of crop insurance in the pre-independence period goes back to the Dashuri tax introduced by the Mughal emperor Akbar. Few schemes were operated from 1920 to 1947 and were discontinued due to financial constraints. After independence, pilot crop insurance schemes were tried during 1972-78.

Detailed explanation-5: -To help stabilize farm incomes, especially in the years that disaster hits. To provide farmers with financial support and insurance coverage in the event of natural calamities, diseases and pests. To encourage farmers to implement progressive farming practices with better technology.