Govt approves revenue insurance scheme for plantation crops

The commerce ministry has approved the pilot Revenue Insurance Scheme for Plantation Crops for protecting the growers from the risks such as yield loss, pest attacks and income decline caused by fall in prices.

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.

The RISPC 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.