PMFBY: Govt allocates Rs16000 crore for 2021-22

The Central government has allocated Rupees 16,000 crores for the Pradhan Mantri Fasal Bima Yojana (PMFBY) for the upcoming fiscal year 2021-22.

Key Facts

• This allocation was done in order to boost the safety of farmers’ crops.
• The amount will also ensure that maximum benefit of crop insurance reaches to the farmers.
• The budgetary amount has increased this year by around ₹305 crore as compared to the fiscal year 2020-21.
• Thus, this shows that, government is committed towards the growth of agriculture sector in the country.

Pradhan Manti fasal Bima Yojana

• The flagship crop insurance scheme was approved by the central government on January 13, 2016.
• This scheme was launched in order to provide a comprehensive risk solution at the lowest uniform premium for the farmers in India.
• It provides the coverage for the entire cropping cycle including from the pre-sowing to post-harvest.
• It also provides coverage for the losses caused due to prevented sowing and mid-season adversities.
• This scheme has become the largest crop insurance scheme with respect to farmer participation.
• It is also the 3rd largest with respect to premium.
• The scheme also comprises of Crop Insurance App, Common Service Centres or the nearest agriculture officer. Thus, it has further simplified the process for farmer to report crop loss within 72 hours of the occurrence of any event.
• Further, the Integration of land records with the PMFBY portal, Crop Insurance mobile-app it is easy for the enrolment of farmers.
• Other key features of the scheme included remote-sensing technology, drones, Satellite imagery, artificial intelligence and machine learning. These features help to assess crop losses electronically.

Beneficiaries

Under the scheme, more than 5.5 crore farmer applications are received on yearly basis to get the benefits. Out of total enrolled farmers, 84 per cent are thet small and marginal farmers. Thus, the scheme ensures that the financial assistance is provided to the most vulnerable farmers.

Month: Current Affairs - February, 2021