Launched in January 2016, the Pradhan Mantri Fasal Bima Yojana (PMFBY) is a landmark scheme aimed at providing financial support to farmers who suffer crop loss or damage due to unforeseen events such as natural calamities, pests, and diseases. The scheme’s core objective is to support sustainable agricultural production by stabilizing farmers' incomes, thereby encouraging them to continue farming without fear of financial distress.
PMFBY also promotes the adoption of innovative and modern agricultural practices by ensuring that farmers have access to credit with minimal risk, contributing to food security, crop diversification, and the overall growth and competitiveness of the agriculture sector.
The scheme targets reducing the premium burden on farmers and ensures the early settlement of crop insurance claims for the full insured sum. It provides insurance cover for both Rabi and Kharif crops and simplifies the insurance process to make it more affordable and accessible for farmers. By offering this vital financial safety net, PMFBY plays a crucial role in protecting farmers against production risks and fostering a more resilient agricultural economy.
%20(2).png)
0 Comments