Certainly! Here’s an article on Agriculture Insurance PMFBY Information:
Agriculture is one of the primary sectors in the Indian economy. It is the source of livelihood for millions of people in rural India. However, in recent years, the sector has faced several challenges, including crop failure, natural disasters, and market fluctuations. To safeguard the interests of farmers, the government of India has introduced various agricultural insurance schemes, including Pradhan Mantri Fasal Bima Yojana (PMFBY).
PMFBY is a crop insurance scheme that aims to provide financial protection to farmers in case of crop losses due to natural calamities, pests, and diseases. It was launched in 2016 and replaced the previous agricultural insurance schemes. The scheme is mandatory for all farmers who have taken loans from banks, and voluntary for others.
Under PMFBY, farmers pay a nominal premium, and the government and state contribute the remaining amount. The premium rate varies from crop to crop and region to region. For Kharif season, it is 2% of the total sum insured for food crops and 1.5% for non-food crops. For Rabi season, it is 1.5% and 2% for food and non-food crops, respectively. However, the farmers’ premium is capped at 5% of the sum insured.
The scheme covers all food and oilseed crops and a few commercial crops. The coverage is extended from pre-sowing to post-harvest losses due to climate-related issues, pests, and diseases. The extent of compensation is based on the extent of crop damage, and it is calculated based on the average yield of the affected area. In case of localized losses, the compensation is paid based on the actual yield of the affected area.
The government has integrated technology solutions to make PMFBY more transparent and farmer-friendly. It has launched an online portal, and mobile applications for farmers to register their crops and make claims. The portal also provides a single-window system for all stakeholders, including farmers, insurance companies, and state governments.
Since its launch, PMFBY has covered millions of farmers across the country and has settled many claims. The government has made several changes to the scheme based on feedback from farmers and experts to make it more effective. It has extended the coverage to include post-harvest losses, and the area of coverage has increased.
In conclusion, Pradhan Mantri Fasal Bima Yojana is an important agricultural insurance scheme that aims to protect farmers from crop losses due to natural calamities. It is a step in the right direction towards addressing the need for comprehensive agriculture insurance in India. Farmers need to utilize the scheme and register their crops to safeguard their livelihoods.