Pradhan Mantri Krishi Fasal Beema Yojna (PMFBY) is a government-sponsored crop insurance scheme that aims to provide financial protection to farmers in case of crop failure due to natural calamities or unforeseen events. The scheme was launched in 2016 by the Indian government and is administered by the Ministry of Agriculture and Farmers Welfare.
Under this scheme, farmers have to pay a nominal premium that is lower than traditional crop insurance schemes, and the remaining cost of the premium is borne by the government. The coverage is provided for all food and oilseed crops as well as commercial and horticultural crops.
If a farmer faces crop loss due to natural calamities such as drought, floods, pests, cyclones, etc., the insurance company will compensate the farmer for the loss. The compensation amount is calculated based on the extent of crop damage, crop yield, and the market price of the crop.
The PMFBY scheme is beneficial to farmers as it provides them with financial security against crop failure. It also encourages farmers to take up farming activities without being affected by the adverse impact of crop losses. The scheme aims to reduce the burden on farmers from taking loans from private lenders and help them lead a sustainable life.
Apart from crop insurance, farmers also receive guidance from experts on how to improve their crop yield and overall productivity. Farmers are also provided with technological assistance to help them adapt to the changing climate patterns and adopt better agricultural practices.
Overall, the Pradhan Mantri Krishi Fasal Beema Yojna scheme has provided significant benefits to farmers across India. It has helped rural farmers access financial protection and adopt modern farming techniques while increasing agriculture productivity in the country. The scheme has become a vital tool in ensuring food security and agricultural growth in India.