What is the Pradhan Mantri Fasal Bima Yojana (PMFBY)?

Key Points

• The Pradhan Mantri Fasal Bima Yojana (PMFBY) supports sustainable production in the agriculture sector.
• PMFBY aims to provide insurance coverage and financial support to farmers in the event of crop failures due to natural calamities, pests, and diseases.
• The scheme helps to stabilize farmers' income and encourages them to adopt innovative and modern agricultural practices.
• It also aims to ensure the flow of credit to the agriculture sector, which can lead to increased agricultural productivity and growth.
• PMFBY is a major initiative by the Indian government to mitigate the risks faced by farmers and to promote sustainable agricultural practices.

Additional Information

• The Pradhan Mantri Fasal Bima Yojana was launched on 18th February 2016 by the Government of India.
• The scheme is implemented by the Ministry of Agriculture and Farmers' Welfare.
• It replaces the earlier National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS).
• Farmers only have to pay a nominal share of the premium, while the remaining premium is shared by the central and state governments.
• The scheme covers all food & oilseed crops and annual commercial/horticultural crops for which past yield data is available.
• PMFBY also aims to adopt a technology-driven approach by using remote sensing, smartphones, and drones for quick estimation of crop losses to ensure faster claim settlements.