The scheme extends coverage for the entire cropping cycle from pre-sowing to post-harvest
To boost the safety of farmers’ crops and ensure the maximum benefit of crop insurance reaches farmers, the Government of India has recently allocated Rs 16000 crores for Pradhan Mantri Fasal Bima Yojana (PMFBY) for the fiscal year 2021-22. This is a budgetary increase of around Rs 305 crore as against the previous fiscal year 2020-21, which reiterates the government’s commitment towards the growth of the agriculture sector in the country.
The scheme extends coverage for the entire cropping cycle from pre-sowing to post-harvest including coverage for losses arising out of prevented sowing and mid-season adversities.
The Ministry of Agriculture and Farmers Welfare has worked extensively towards revamping the Pradhan Mantri Fasa Bima Yojana (PMFBY) scheme by relooking at the structural, logistical, and other challenges. The scheme was made voluntary for farmers post its revamp in 2020.
The scheme has made it easier for the farmer to report crop loss within 72 hours of the 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 the eligible farmers.
Integration of land records with the PMFBY portal, Crop Insurance mobile-app for easy enrolment of farmers, and usage of technology such as satellite imagery, remote-sensing technology, drones, artificial intelligence, and machine learning to assess crop losses are some of the key features of the scheme.
As of now, out of the total farmers enrolled under PMFBY, 84 per cent are small and marginal farmers. Thus, financial assistance is provided to the most vulnerable farmers.
