Fasal Bima Yojana: FM stresses on need to release premium subsidy in time

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Finance Minister on Monday underlined the need for states to release premium subsidy on time to ensure timely settlement of claims under the (PMFBY).


While reviewing the implementation of the PMFBY through video conferencing, she also stressed on the need of carrying out awareness activities to ensure dissemination of information among all farmers in view of the scheme becoming voluntary for all farmers.



She suggested that stringent follow-up should be done with states where subsidy is pending, especially those which are not implementing the scheme in Kharif 2020 with a view to ensure payment of all pending claims to farmers at the earliest, an official statement said.


A presentation was made by the Department of Agriculture, Cooperation & Farmers’ Welefare (DAC&FW) wherein the journey of the PMFBY since Kharif 2016 as well as challenges encountered and the status of implementation for the current Kharif 2020 crop season, especially after the revamp of PMFBY, were discussed.


The meeting was attended by Financial Services Secretary Debasish Panda, Agriculture Secretary Sanjay Agarwal and senior officials of both the ministries as well as of

Double-digit decline for PepsiCo’s India revenue amid Covid-19 crisis

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Snacks & beverages major said it had registered double-digit decline in its India revenue between April and June. The firm’s sales of snacks and beverages during the period was hit as lockdowns kept sporting events off ground and hotels, malls, restaurants, and multiplexes shut to contain the spread of Covid-19.


A six percentage-point impact on its net revenue in India, due to a prior-year refranchising of a portion of its beverage business, brought down its net revenue for the Africa, Middle East, and South Asian (AMESA) region by 1 per cent during the period. Its beverage volume uptake for AMESA shrank by 25 per cent as sales fell by double digits in both India and Pakistan.



While other key markets registered a 117 per cent rise in snacks volume during the period, partly aided by customers stocking up in panic, in India, it declined by double digits.


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The firm’s operating profit plunged 75 per cent due to a high base in India and it took a 67 percentage point impact of

EU Summit May Not Reach Recovery Fund Deal: Merkel

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German Chancellor Angela Merkel said Monday it is unclear whether EU leaders will reach agreement on a 750-billion-euro pandemic recovery fund at this week’s summit, amid resistance from more frugal member states.

“The road that we have to tread is still rocky,” said Merkel ahead of Friday’s EU special summit.

“I don’t know if we will reach an agreement.”

She stressed however that the recovery fund “must be massive” and not cut down in size.

“Because the task is enormous, the answer must also be huge,” she said, after hosting Italian Prime Minister Giuseppe Conte for talks.

“It must be particularly powerful in order to signal clearly that Europe wants to hold together in this difficult time. There is a political dimension to it”.

While the recovery fund was officially put forward by the European Commission, Merkel had drawn up the backbone of it along with French President Emmanuel Macron.

The move to offer grants to the EU countries hardest hit by the pandemic, such as Italy, has smashed through long-held stereotypes of Germany as a “frugal” country.

Nevertheless, other northern member states — the Netherlands, Austria, Denmark and Sweden — have taken on the role of reining in spending.

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