Navjot Singh Sidhu alleges private insurance companies looting farmers

Chandigarh (Punjab) [India], December 16 (ANI): Amid the ongoing farmers protest in and around the national capital, Congress leader Navjot Singh Sidhu on Wednesday claimed that private crop insurance companies have replaced government insurance companies and are indulged in looting farmers with high premiums and negligible payments for crop failure.
Taking to Twitter, Sidhu said, “Farmers know well that the Central Govt. backed Corporate take-over of Indian Agriculture is growing rapidly, Crop Insurance Companies have replaced Govt. Insurance… Looting Farmers & State exchequer with high premiums and negligible payments for Crop Failure. #IndiaWithFarmers.”
He also attached a video in his tweet, wherein he alleged that farmers are being cheated by private crop insurance companies that have replaced the government insurance companies.

“There was a crop insurance scheme of Rs 31,000 crore, but farmers got only Rs 15,000 crore and Rs 16,000 crore went to the pockets of Birlas, Tatas and Ambanis. Earlier, state governments and the Central government used to provide crop insurance on nominal rates through Life Insurance Corporation (LIC) and other companies. Later private companies came in this sector,” he said in the video.
“Premium has increased by 350 per cent. The farmers got only 0.42 per cent. Think about it. About 2,80,000 farmers are engaged in soy cultivation. If the entire crop fails, the premier is of Rs 173 crore but farmers get only Rs 30 crore. Private companies get a net profit of Rs 143 crore. Farmers do hard work. Reliance enjoys the fruits of hard work,” he added.
Farmers have been protesting from November 26 at the borders of Delhi against Farmers‘ Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020, and the Essential Commodities (Amendment) Act, 2020. (ANI)