Pradhan Mantri Fasal Bima Yojana

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Reading Time: 2 minutes 48 seconds
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by Tushar Kanti
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#PMFBY Completes five years

In the light of the recent ongoing protests against farm bills, Prime Minister Narendra Modi took to twitter to announce five successful years of the Pradhan Mantri Fasal Bima Yojana (PMFBY). The initiative which began in February 2016 has proven beneficial in many ways for the farming community of the nation.

The PMFBY aims to support sustainable development in the agricultural sector by:

⦁    Providing financial support to farmers suffering crop loss/damage arising out of unforeseen events
⦁    Stabilizing the income of farmers 
⦁    Encouraging farmers to adopt innovative agricultural practices
⦁    Ensuring flow of credit to the agriculture sector which will contribute to food security, crop diversification and enhancing growth and competitiveness of agriculture sector besides protecting farmers from production risks

A series of accusations and counter-accusations were also witnessed on twitter:

Coverage:

All the farmers growing notified crops in a notified area during the season who have insurable interest in the crop are eligible for this scheme.

Farmers in the notified area who possess a Crop Loan account/KCC account (called as Loanee Farmers) to whom credit limit is sanctioned/renewed for the notified crop during the crop season. and other farmers whom the Government may decide to include from time to time come under the compulsory coverage of the scheme. Voluntary coverage may also be obtained by all farmers.

The scheme aims to cover oil seeds, food crops which include both commercial and for horticulture uses.

Companies such as Tata-AIG General Insurance Company Ltd. and SBI General Insurance Company Ltd. have participated in this scheme. 

The PMFBY programme has benefited the farmers in many ways. The NAMO application features a "Your Voice Section" which used interactive media to convey the same. The official page of PMFBY also retweeted the coverage by Doordarshan which aims to highlight the various postulates of this mission:
 

The flagship mission of the government seems to have achieved certain desired objectives, however it is bound to be overshadowed by the recent ongoing protests against agricultural legislations. 

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February 4, 2021
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