Certainly, here’s an article on Pradhan Mantri Fasal Bima Yojana:
Pradhan Mantri Fasal Bima Yojana: A Revolutionary Scheme for Farmers in India
Pradhan Mantri Fasal Bima Yojana (PMFBY) is an agricultural insurance scheme launched by the Government of India in 2016. The scheme aims to provide crop insurance to farmers for any losses due to natural calamities, pests, or diseases. This scheme covers all the crops, including food crops, oilseeds, and horticultural crops. PMFBY has been a revolutionary scheme for the farmers in India as it provides them with financial protection in case of crop failure.
The main objective of PMFBY is to stabilize the income of the farmers by insuring them against any potential financial losses due to crop failures. This scheme aims to ensure that the farmers get adequate financial assistance for the damage caused to their crops by natural calamities such as droughts, floods, landslides, hailstorms, cyclones, and pest attacks.
PMFBY is implemented by the Department of Agriculture, Cooperation & Farmers’ Welfare (DAC&FW), Ministry of Agriculture & Farmers’ Welfare, Government of India, in collaboration with state governments and insurance companies. The state governments are responsible for running and implementing the scheme in their respective states. The insurance companies assess the crop yield and provide financial assistance in case of crop losses.
Under PMFBY, farmers pay a premium of 1.5% for food crops, 2% for oilseeds, and 5% for horticultural crops. The remaining premium is paid by the government. The premium rates are heavily subsidized, with the government paying a large part of the insurance premium. The sum insured for PMFBY is determined on the basis of the cost of production per hectare, which includes input costs such as seeds, fertilizers, pesticides, and labor.
The settlement of claims is done at the farm level through the bank accounts of the farmers. To ensure timely settlement of claims, the government has instructed the insurance companies to settle all the claims at the earliest possible time.
PMFBY has been a significant scheme for the farmers in India, providing them with financial security in case of crop failure. The scheme has helped farmers take risks and make investments in agriculture, knowing that they have the protection of insurance in case of losses. PMFBY has also encouraged soil conservation and the use of new crop varieties and technologies, as farmers can now take risks without the fear of losing their investments.
In conclusion, PMFBY is a revolutionary scheme that has provided financial protection to the farmers in India. The scheme has helped the farmers to take risks and make investments in agriculture, leading to an increase in the crop yield and improved crop quality. The government’s continued support towards the scheme has ensured that the farmers benefit from the scheme and that their economic stability is guaranteed.