PM Fasal Bima Yojana Completes 10 Years: Protecting Farmers
The Pradhan Mantri Fasal Bima Yojana (PMFBY) has completed a decade, providing crucial crop insurance to Indian farmers against various risks.
Source: GNews PM SchemeThe Pradhan Mantri Fasal Bima Yojana (PMFBY), a flagship crop insurance scheme by the Government of India, recently marked its 10th anniversary. Launched on February 18, 2016, the PM Fasal Bima Yojana aims to provide financial support to farmers suffering crop loss or damage due to unforeseen events. The scheme covers a wide range of risks, including natural calamities like droughts, floods, hailstorms, and pest attacks. Over the past decade, the PM Fasal Bima Yojana has significantly expanded its reach, insuring millions of farmers across the country. It replaced earlier schemes like the National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS) to offer a more comprehensive and farmer-friendly insurance product. The PM Fasal Bima Yojana is crucial for stabilizing farmers' incomes and ensuring food security.
The PM Fasal Bima Yojana is a vital topic for competitive exams, especially for UPSC GS Paper III (Economy) and SSC General Awareness. Aspirants should understand its objectives, features, and impact on the agricultural sector. Questions often focus on the scheme's launch year, premium rates, covered risks, and its role in farmer welfare. Knowledge of PMFBY demonstrates understanding of government initiatives for rural development and agricultural policy.
- PM Fasal Bima Yojana (PMFBY) was launched on February 18, 2016.
- The scheme completed 10 years of operation in 2026.
- PMFBY replaced the National Agricultural Insurance Scheme (NAIS) and Modified NAIS.
- Farmers pay a maximum premium of 2% for Kharif crops and 1.5% for Rabi crops.
- For commercial and horticultural crops, the premium rate is 5%.
- The scheme is administered by the Ministry of Agriculture & Farmers Welfare.
PMFBY is a government-sponsored crop insurance scheme in India. It provides financial support to farmers in case of crop failure due to natural calamities, pests, and diseases. The scheme aims to stabilize farmers' income, encourage them to adopt innovative practices, and ensure food security. It is compulsory for loanee farmers and voluntary for others.
Kharif crops are monsoon crops sown during the southwest monsoon season, typically from June to July, and harvested in September-October. Examples include rice, maize, jowar, bajra, and cotton. These crops require a lot of water and hot weather conditions to grow.
Rabi crops are winter crops sown from October to December and harvested from April to May. Examples include wheat, barley, oats, gram, and mustard. These crops require a relatively cool climate during their growth period but warm climate during the germination of seed and maturation.
UPSC often asks about the features, objectives, and benefits of major government schemes like PMFBY. SSC exams may focus on the launch year, ministry, and premium rates. Be prepared for questions comparing PMFBY with previous schemes.
Remember 'Fasal Bima' as 'Farmer's Best Insurance for Monsoon and Agriculture Losses' launched in '16 (2016).
Frequently Asked Questions
What is the main objective of the PM Fasal Bima Yojana?
The main objective of the PM Fasal Bima Yojana is to provide financial support to farmers suffering crop loss or damage arising out of unforeseen events. It aims to stabilize farmers' income, encourage them to adopt innovative agricultural practices, and ensure food security in the country.
When was the Pradhan Mantri Fasal Bima Yojana launched?
The Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched on February 18, 2016. It was introduced to replace and improve upon previous crop insurance schemes in India, offering a more comprehensive and farmer-friendly approach to agricultural risk management.
What are the premium rates for different crops under PMFBY?
Under PMFBY, farmers pay a maximum premium of 2% of the sum insured for all Kharif crops and 1.5% for all Rabi crops. For annual commercial and horticultural crops, the premium rate is 5%. The remaining premium is paid by the government.