To protecting the growers from the risks such as yield loss, pest attacks and income decline caused by fall in prices, the Commerce Ministry has approved the pilot Revenue Insurance Scheme for plantation crops.
Commerce and Industry Minister Nirmala Sitharaman said, The Price Stabilization Fund (PSF) Scheme, 2003 was closed on September 30, 2013 and Revenue Insurance Scheme for Plantation Crops (RISPC) is an improved form of the PSF.
She said that RISPC was approved on September 16 last year and will be implemented on a pilot basis for two years covering tea, coffee, rubber, cardamom and tobacco in eight districts in West Bengal, Kerala, Karnataka, Andhra Pradesh, Assam, Sikkim and Tamil Nadu by the commodity boards.
Commerce and Industry Minister Nirmala Sitharaman said, "Department of Commerce has recently approved the pilot RISPC for protecting growers of plantation crops from the twin risks of yield loss due to adverse weather parameters, pest attacks etc and income loss caused by fall in international/domestic prices."
On the basis of performance of the pilot project, the minister said, the scheme will be considered for extension to other districts.