Importance of the Pradhan Mantri Fasal Bima Yojana
- The Pradhan Mantri Fasal Bima Yojana is a Central sector scheme which aims to provide financial support to farmers in the event of crop loss due to natural calamities. The scheme is a part of the governmentâs efforts to double farmersâ incomes by 2022.
- The scheme is voluntary and open to all farmers, regardless of whether they are small or marginal, or whether they cultivate rain-fed or irrigated land. Under the scheme, farmers will pay a premium of only 2% for rain-fed crops and 5% for irrigated crops. In the event of crop loss, farmers will receive an insurance payout of up to Rs.20,000 per hectare.
- The Pradhan Mantri Fasal Bima Yojana is a much-needed safety net for farmers, who are often at the mercy of the vagaries of the weather. The scheme will help reduce the financial risk associated with farming and will enable farmers to invest more in their farms and improve their productivity.
Pradhan Mantri Fasal Bima Yojana
The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a government-sponsored crop insurance scheme that was launched on 18th February 2016. The scheme aims to provide financial assistance to farmers in the event of crop loss due to natural calamities. The scheme is open to all farmers, regardless of their income level or social status. Under the scheme, farmers are required to pay a premium of 2% of the sum assured for rain-fed crops, and 5% for irrigated crops. In the event of crop loss, farmers will receive a compensation of up to 75% of the sum assured. The scheme is implemented by the Ministry of Agriculture and Farmersâ Welfare.
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