Pradhan Mantri Fasal Beema Yojana (PMFBY) is an agricultural insurance scheme launched by the Government of India in 2016. The scheme provides protection to farmers against losses suffered due to natural calamities and unforeseen circumstances, including droughts, floods, pests, and diseases.
Under the scheme, farmers are required to pay a premium of 2% for Kharif crops, 1.5% for Rabi crops, and 5% for commercial and horticulture crops. The remaining cost of the insurance premium is borne by the Central and State Governments.
The scheme covers all farmers, whether they are cultivating crops on their own land or on rented land. It also covers post-harvest losses caused by cyclones and unseasonal rainfall. The insurance benefits are calculated based on the extent of loss suffered by the farmer, and the compensation amount is directly transferred to the farmer’s bank account.
The scheme has several benefits for farmers, including protecting them from financial losses due to crop damage, facilitating access to institutional credit, and improving rural resilience against natural disasters. The PMFBY has also encouraged farmers to adopt modern agricultural practices to reduce the risk of crop damage, thereby improving crop yields and overall productivity.
The scheme has been widely praised for its benefits to farmers and for promoting sustainable agriculture in the country. However, there have been some criticisms regarding the efficacy of the scheme, citing issues with implementation, transparency and accountability.
Overall, Pradhan Mantri Fasal Beema Yojana is an important step towards providing security and stability to Indian farmers. With its focus on fostering sustainable agriculture and guaranteeing financial protection in times of need, it has the potential to be a game-changer for the Indian agriculture sector.