videos | IST

Crop insurance scheme designed to profit insurance firms, says P Chidambaram

Former finance minister and senior Congress leader P Chidambaram attacked the government over its crop insurance scheme on Wednesday, alleging that it was designed to profit insurance companies and 84 lakh farmers, including those from Rajasthan and Madhya Pradesh, had withdrawn from it.
Taking to Twitter, Chidambaram claimed that insurance companies had made profits of Rs 6,460 crore in 2016-17 and were set to make profits to the tune of Rs 8,000-9,000 crore after "robbing the farmers".
"As we had cautioned, PM's Fasal Bima Yojana (crop insurance scheme) was designed to profit the insurance companies at the cost of the farmers.
CNBC-TV18's Archana Shukla caught up with PP Kapoor an RTI Activist to understand the government's crop insurance scheme.
With inputs from PTI.
next story

Market Movers