Crop insurance scheme will benefit companies not us: Farmers’ group on budget

Bhartiya Kisan Union (BKU) has given a thumbs down to the Union Budget 2016-17 and said the NDA government's goal of doubling farmers' income in the next five years is a "dream".

BKU national spokesman Rakesh Tikait said in Muzaffarnagar Rs 5,500 crore allocated for the new crop insurance scheme will benefit insurance companies and not farmers.

The goal of doubling farmers' income in the next five years is a dream. Its is not possible when farmers are committing suicide due to the pressure of the huge debts. The government has not given funds to free farmers from debts, he said.

Aiming to double farmers' income by 2022, Finance Minister Arun Jaitley had yesterday announced an allocation of nearly Rs 36,000 crore for the farm sector while raising the agri-credit target to Rs 9 lakh crore for the next fiscal.

He also allocated Rs 15,000 crore for interest subvention on the farm credit, Rs 5,500 crore for the new crop insurance scheme and Rs 500 crore to boost pulses output.