PMFBY-Pradhan Mantri Fasal Bima Yojana Crop Insurance: Government of India allocated Rs 16000 crore for Pradhan Mantri Crop Insurance Scheme (PMFBY) for FY 2021-22
To promote the safety of farmers’ crops across the country and to ensure maximum benefit of crop insurance to the farmers, the Government of India has allocated Rs 16000 crore for the Prime Minister’s Crop Insurance Scheme (PMFBY) for the financial year 2021-22. There is a budgetary increase of about Rs 305 crore for FY 2021-22 as compared to the previous financial year 2020-21, which shows the government’s commitment towards the development of the agricultural sector in the country.
The scheme provides protection from pre-sowing cycle to post-harvest, including secured sowing and protection against losses from natural disasters in the middle of the harvest season.
Benefits of PM crop insurance scheme
Under the PM Crop Insurance Scheme, insurance will be given for the losses of farmers in their crops. If the crop of the farmer is destroyed due to natural calamity, then they will be given the benefit of this scheme. Farmers pay a 1.5 percent premium to the Rabi crop for 2 percent of the Kharif crop.
Five years ago, on 13 January 2016, the Government of India approved this major crop insurance scheme. The scheme was conceived as a landmark initiative for farmers to provide a comprehensive risk solution at the lowest and uniform premium across the country.
Largest Crop Insurance Scheme
At present, the Pradhan Mantri Fasal Bima Yojana is the largest crop insurance scheme globally in terms of farmer participation and the third largest in terms of premium. On a year to year basis, applications have been received from more than 5.5 crore farmers.
Taking insurance at the will of farmers
In the last 5 years, the Ministry of Agriculture and Farmers Welfare has worked extensively towards reviving the Pradhan Mantri Crop Insurance Scheme (PMFBY) scheme, facing structural, logistical and other challenges. The scheme was made voluntary for farmers after its reform in 2020.
This scheme has been made voluntary for all farmers. This was improved in February 2020. States have also been given flexibility to rationalize the insurance amount so that farmers can take full advantage of it.
Crop loss information can be given through the mobile app
The scheme has made it even easier for the farmer to report crop losses through crop insurance app, Krishak Kalyan Kendra – CSC center or nearest agriculture officer within 72 hours of the occurrence of any event. After this, the benefit of claim of loss is provided electronically in the bank accounts of the eligible farmer.
Combining land records with the PMFBY portal, using crop insurance mobile-apps to facilitate farmers’ enrollment and assessing crop losses with technologies such as satellite imagery, remote-sensing technology, drones, artificial intelligence and machine learning There are some major features of the scheme.
At present, of the total farmers enrolled under the Pradhan Mantri Crop Insurance Scheme-PMFBY, 84% are small and marginal farmers. Thus, financial aid is provided to the most vulnerable farmers.
The government aims to address structural, logistical and other challenges, and extend the benefits of the Prime Minister’s Crop Insurance Scheme-PMFBY to all farmers for self-reliant India.
