On Wednesday, The Union Cabinet approved the launch of Pradhan Mantri Fasal Bima🌱 Yojana (Prime Minister's Crop🌱 Insurance Scheme) worth ₹8800 cr💰. The programme aims to protect farmers against crop failure, literally saving their lives, and reducing farmer suicide☠. The scheme will come into effect from the upcoming kharif season. So far, since 1995, more than 3⃣ lakh farmers have committed suicide☠. In 2015 alone, 3,228 farmers committed suicide in Maharashtra, recording the highest number of farmer suicides on a state level. Under the scheme: the payable premium rates💰 for insurance cover against crop loss due to natural calamities⚡ have been brought down substantially. Farmers will pay 2% of premium💰 fixed by insurance firms for kharif crops and 1.5% for rabi crops. Farmers will have to pay a premium of 5% for annual commercial and horticultural crops.