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

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  1. Supports and promotes organic farming practices and provides subsidies to farmers for the adoption of sustainable agricultural methods.
  2. PMFBY improves rural infrastructure and provides employment opportunities to youth in agricultural communities.
  3. It regulates agricultural markets and ensures fair prices for farmers' produce.
  4. Supports sustainable production in the agriculture sector.

Answer (Detailed Solution Below)

Option 4 : Supports sustainable production in the agriculture sector.
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Detailed Solution

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The correct answer is option 4

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.
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