Govt Aims to Bring 50% Farmers Under PMFBY In Next Few Years

The government is targeting to double the insurance coverage under crop insurance through Pradhan Mantri Fasal Bima Yojana in a couple of years, a senior government official. The scheme will be implemented in the country effective from April 1.

The government aims to bring over 50% of farmers under insurance cover through the Pradhan Mantri Fasal Bima Yojana (PMFBY) in the next two years. The scheme, which will be implemented from April 1, will replace the existing two government agriculture insurance schemes. Currently, 23% of farmers are covered under various schemes.

Pradhan Mantri Fasal Bima Yojana:

Pradhan Mantri Fasal Bima Yojana is a new crop insurance scheme that was announced by the Government on 13th January 2016. It will be rolled out from June 2016. This scheme will let farmers pay a very low premium to insure their crops. Farmers will have to pay a premium of only 2% of the sum insured for Kharif crops, 1.5% for Rabi crops and 5% for horticulture and cash crops. The difference between the premium paid by the farmers and the premium fixed by the insurance companies will be subsidised and there will be no cap on the maximum subsidy paid by the Government. The subsidy will be borne equally by central and the respective state Government.

Extra info:

  • Agriculture is the backbone of Indian economy, it contributes to only around 16 % of India’s GDP, it provides employment to around 60 % of our population. The prosperity of the agriculture is linked to the prosperity of the economy. The growth of this sector is an essential prerequisite for inclusive growth as well as reduction of poverty in India.
So lets do:
What you understand by Pradhan Mantri Fasal Bima Yojana?
Which type of soil card are introduced in Pradhan Mantri Fasal Bima Yojana ?
Who is the Agriculture minister of India?
Source – The Hindu


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