Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Government of India in 2016 to provide comprehensive coverage against natural calamities, pests, and diseases for farmers. This scheme aims to provide financial support to farmers in the event of damage to crops due to unforeseen circumstances.
Under PMFBY, farmers pay a nominal premium, ranging from 1.5% to 5%, depending on the crop, and the remaining premium is paid by the government. The premiums are set based on the average yield and the risk factors associated with each crop. Crop insurance is mandatory for farmers who have taken loans from banks.
PMFBY ensures that farmers receive timely compensation in the event of loss of crop due to natural calamities like drought, flood, hailstorm, landslide, cyclone, etc. The scheme covers all crops grown by farmers and provides coverage from pre-sowing to post-harvest.
The scheme has a simple and user-friendly online application process. Farmers can enroll in the scheme by visiting the nearest common service centers or agricultural offices. The enrollment process is also available online.
PMFBY has several benefits for farmers. It provides financial protection against crop losses due to natural calamities, which helps reduce the financial burden on farmers. The scheme encourages the use of modern technologies, farming practices, and high-yielding varieties, which lead to increased crop yield and productivity. The scheme provides a safety net for small and marginal farmers who are most vulnerable to crop losses.
In conclusion, Pradhan Mantri Fasal Bima Yojana is a significant initiative by the government of India to support farmers and ensure their crop losses are mitigated. The scheme is comprehensive and provides a safety net for farmers, irrespective of their landholding size or crop choice. The scheme encourages farmers to adopt modern technologies and increase productivity, leading to better economic outcomes. It is imperative for farmers to take advantage of this scheme and protect themselves against crop failures caused by natural calamities.