Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Indian government on January 13, 2016. The scheme was introduced to provide comprehensive coverage to farmers against crop failure. It aims to provide financial assistance to farmers in the event of crop loss due to natural calamities such as drought, flood, pests, or diseases.
The scheme is available to all farmers, including sharecroppers and tenants cultivating the notified crops in the notified areas. There is no upper limit on the crop value that can be insured. PMFBY uses an area-based approach for all crops to ensure maximum coverage and minimum damage to farmers. The scheme is implemented by the Ministry of Agriculture and Farmers’ Welfare, Government of India.
Under PMFBY, farmers are required to pay only a nominal premium of 1.5% for Kharif crops, 2% for Rabi crops, and 5% for commercial and horticultural crops. The remaining premium is paid by the government. The coverage provided under the scheme includes pre-sowing to post-harvest losses, such as crop destruction due to pests and diseases, damage due to natural calamities, fire, lightning, and adverse weather conditions.
To make the scheme more accessible to farmers, the government has made the enrollment process simpler, with online registration and faster crop loss assessment. The crop loss assessment is done through technology-driven methods, including remote sensing, unmanned aerial vehicles, and mobile applications.
PMFBY is a crucial step towards the welfare of farmers in India. The scheme aims to provide financial protection to farmers against crop failure, thereby reducing their vulnerability. It also encourages farmers to adopt modern techniques of cultivation and provides them with a safety net against unforeseen circumstances.
In conclusion, Pradhan Mantri Fasal Bima Yojana is an excellent scheme for farmers in India to help them secure themselves against risks and uncertainties of crop yields. With the government’s support and farmers’ active participation, the scheme can become an essential tool in the country’s agricultural development.