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Government of India allocates Rs. 16000 crore for PMFBY for FY22

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Government of India allocates Rs 16000 crore PMFBYOn February 7, 2021, the Central Government has allocated Rs 16000 crores for Pradhan Mantri Fasal Bima Yojana (PMFBY) for FY22, an increase of around Rs 305 crore as compared to FY21.

The reason behind an increase in the amount is to boost the safety of farmers’ crops and ensure maximum benefit of crop insurance.

  • Notably, the scheme covers the entire cropping cycle from pre-sowing to post-harvest which include loss coverage due to prevented sowing and mid-season adversities.

About Pradhan Mantri Fasal Bima Yojana(PMFBY):

Launched on January 13, 2016 this scheme was approved by the Government under the aegis of Ministry of Agriculture and Farmers Welfare (MoAFW) as a risk coverage solution with lowest premium for Indian farmers. Currently, this scheme became the largest crop insurance scheme in terms of farmer participation and 3rd largest in terms of premium. 

  • Under this farmers can report crop loss within 72 hours of occurrence of any event through the Crop Insurance App, CSC Centre or the nearest agriculture officer. Claim benefit is then provided electronically into the bank accounts of eligible farmer.
  • Its other features include Crop Insurance mobile-app for easy enrollment of farmers and usage of technology, remote-sensing technology, drones, artificial intelligence and machine learning to assess crop losses.
  • Over 5.5 crore farmer applications are received on year-on-year basis. As of now. out of total farmers enrolled under PMFBY, 84% are small and marginal farmers. Thus, financial assistance is provided to most vulnerable farmers.

About Ministry of Agriculture and Farmers Welfare (MoAFW):
Union Minister– Narendra Singh Tomar (Constituency- Morena, Madhya Pradesh)
Minister of State– Parshottam Khodabhai Rupala, Kailash Choudhary