Sure, here’s an article on the Pradhan Mantri Fasal Bima Yojana:
The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Government of India in 2016 to provide financial support to farmers in case of crop failure or loss due to natural calamities. The scheme aims to bring more farmers under the insurance coverage and reduce their financial burden in case of crop damage, thus promoting agricultural growth.
Under the PMFBY, farmers need to pay a premium of 2% of the sum insured for Kharif crops, 1.5% for Rabi crops, and 5% for annual commercial/horticultural crops. The rest of the premium is borne by the central and state governments. The sum insured is based on the scale of finance (loan amount) and the cost of cultivation, and is determined by the respective state governments.
The coverage under the scheme includes post-harvest losses for a maximum period of 14 days from the date of harvesting, which was not covered under the previous crop insurance schemes. The scheme also covers localized risks such as hailstorm, landslide, and inundation, in addition to the yield loss due to natural calamities such as drought, flood, cyclone, and pest attack.
Moreover, the PMFBY uses technology to ensure minimal documentation and speedy settlement of claims. The farmers can enrol online and the claim amount is directly transferred to their bank account within 10 days of claim assessment. The claims are assessed through remote sensing technology, mobile-based applications, yield estimation through crop cutting experiments, and other modern technologies.
The PMFBY has been implemented in collaboration with several public and private insurers. As of 2021, more than 5 crore farmers have been covered under the scheme with a total sum insured of around Rs. 2 lakh crore. The scheme has provided a safety net to the farmers in case of crop failures and has encouraged them to take up riskier and higher yield crops.
To conclude, the Pradhan Mantri Fasal Bima Yojana is a landmark scheme in the field of agriculture and insurance. It has brought a significant change in the lives of millions of farmers by providing them a sense of security and reducing their financial burden. The scheme has been a game-changer for the Indian agriculture sector, and its successful implementation is poised to transform the farmers’ lives in a positive way.