Objectives of the Pradhan Mantri Fasal Bima Yojana (PMFBY)
The Pradhan Mantri Fasal Bima Yojana (PMFBY) is an insurance scheme for farmers in India. The scheme was implemented by the Ministry of Agriculture and Farmers Welfare.
- The objectives of the scheme are to provide insurance cover to farmers against crop loss due to natural calamities, to encourage them to adopt new technology and to improve their financial resilience.
- The scheme provides insurance cover for both pre-harvest and post-harvest risks. The premium for pre-harvest risks is 2% of the sum insured and for post-harvest risks, it is 1.5% of the sum insured.
- Ensuring the flow of finance to the agricultural industry helps to increase the sectorâs growth and competitiveness while also promoting crop diversification and food security.
- The scheme helps many farmers in India by providing them with financial assistance in times of need. It also encourages them to adopt new technology and improve their farming practices.
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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