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Pradhan Mantri Fasal Bima Yojana (PMFBY) is the government sponsored crop insurance scheme that integrates multiple stakeholders on a single platform.
Pradhan Mantri Fasal Bima Yojana (PMFBY) aims to support production in agriculture by providing affordable crop insurance to ensure comprehensive risk cover for crops of farmers against all non-preventable natural risks from pre-sowing to post-harvest stage, on an ‘Area Approach Basis’.
Objectives. To provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crop as a result of natural calamities, pests & diseases. To stabilise the income of farmers to ensure their continuance in farming. To encourage farmers to adopt innovative and modern agricultural practices.
Hon'ble Prime Minister Shri Narendra Modi unveiled the new scheme Pradhan Mantri Fasal Bima Yojana (PMFBY) on 13 th January, 2016. This scheme will help in decreasing the burden of premiums on farmers who take loans for their cultivation and will also safeguard them against the inclement weather.
The Pradhan Mantri fasal bima yojana (PMFBY) launched on 18 February 2016 by Prime Minister Narendra Modi is an insurance service for farmers for their yields.
On 13th January 2016, the Government of India took a historic step towards strengthening risk coverage of crops for farmers of India and approved the flagship crop insurance scheme - the Pradhan Mantri Fasal Bima Yojana (PMFBY).
Pradhan Mantri Fasal Bima Yojana is the flagship scheme of the government for agricultural insurance in India in line with the One Nation-One Scheme theme. Annual Commercial / Annual Horticultural crops, oilseeds, and food crops (Cereals, Millets, and Pulses) are covered under the scheme.
Feb 18, 2022 · The Pradhan Mantri Fasal Bima Yojana (PMFBY) has successfully entered its 7th year of implementation with the upcoming Kharif 2022 season, completing 6 years of its implementation since its launch announcement on 18th February 2016 by Prime Minister Shri Narendra Modi at Sehore, Madhya Pradesh.
Mar 6, 2024 · Pradhan Mantri Fasal Bima Yojana (PMFBY) is a demand driven scheme and is voluntary for the States as well as farmers. The number of farmer applications has grown 33.4% and 41% year-on-year during 2021-22 and 2022-23, respectively. Further, during the year 2023-24, there in an increase of 27% in terms of farmers enrolled under the scheme so far.
Launched in 2016, the Pradhan Mantri Fasal Bima Yojana (PMFBY) is a large-scale crop subsidy insurance scheme that was aimed to safeguard farmers.
