Pradhan Mantri Fasal Bima Yojana (PMFBY)

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Recently, The government has constituted a working group to reform the Pradhan Mantri Fasal Bima Yojana (PMFBY).

It may be noted that recently the scheme is being abandoned by various states. Therefore, the government has constituted a working group to suggest a sustainable, financial and operational model for the scheme.

Following are the major implementation challenges faced in the Pradhan Mantri Fasal Bima Yojana

  • Various states are deciding to do away with PMFBY, as the states will have to pay a larger share of the premium after the Center limits the subsidy share.
  • Earlier, the Center had reduced its share of premium subsidy from 50% to 25% in irrigated areas and 30% for un-irrigated areas.
  • Consolidation of premium market and lack of adequate participation in tenders.
  • As the number of farmers decreases (due to the Center making the scheme voluntary), the premium rates will increase and the state governments will have to fill the gap. Farmers’ claims are less accepted by the insurer, and they delay the settlement of claims.

Voluntary Comprehensive Crop Insurance from pre-sowing to post-harvest period is provided by PMFBY against non-preventable natural calamities at the following premium rates:

  • 2% for Kharif crops.
  • 5% for Rabi crops.
  • 5% for horticulture and commercial crops.

Expected Beneficiaries: It includes all farmers, including sharecroppers and tenant farmers growing notified crops in the notified area. The unit of insurance is determined by the state government. Earlier this scheme was mandatory for loanee farmers.

Source – PIB

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