Pradhan Mantri Fasal Bima Yojana (PMFBY): Empowering Farmers with Crop Insurance
PMFBY provides financial support to farmers suffering crop loss due to unforeseen events.
Source: GNews PM SchemeThe Pradhan Mantri Fasal Bima Yojana (PMFBY) is a government-sponsored crop insurance scheme in India. It aims to provide financial support to farmers who suffer crop loss or damage due to natural calamities, pests, and diseases. The scheme helps stabilize farmers' incomes, encourage them to adopt innovative farming practices, and ensure food security. Farmers pay a very low premium, and the remaining premium is borne by the government. PMFBY covers a wide range of crops and risks, making it a crucial safety net for the agricultural sector.
- PMFBY was launched on February 18, 2016, replacing earlier schemes like the National Agricultural Insurance Scheme (NAIS) and Modified NAIS.
- Farmers pay a uniform premium of 2% for all Kharif crops, 1.5% for all Rabi crops, and 5% for annual commercial and horticultural crops.
- The scheme is implemented by empanelled general insurance companies under the guidance of the Ministry of Agriculture & Farmers Welfare.
- It covers pre-sowing to post-harvest losses, including localized calamities like hailstorms, landslides, and inundation.
- The scheme uses technology like satellite imagery, drones, and smartphones for faster and more accurate assessment of crop losses.
A government-sponsored crop insurance scheme launched in 2016 to provide financial support to farmers against crop losses due to natural calamities, pests, and diseases. It aims to stabilize farmer incomes and promote modern agricultural practices.
Crops sown during the monsoon season (June-July) and harvested in autumn (September-October). Examples include rice, maize, jowar, bajra, and cotton.
Crops sown in winter (October-November) and harvested in spring (March-April). Examples include wheat, barley, oats, gram, and mustard.
Exams frequently ask about the launch year, premium rates for different crop types, and the key objectives of PMFBY. Focus on its role in farmer welfare and risk management.
PMFBY: 'P' for Protection, 'M' for Monsoon (Kharif), 'F' for Fasal (Crop), 'B' for Bima (Insurance), 'Y' for Yojana. Protects crops from monsoon to harvest.