1. Agriculture World

PMFBY latest Update: Government to Share upto 90% Premium Subsidy for PM Fasal Bima Yojana

Abha Toppo
Abha Toppo
Indian Farmer Checking his Crop

PMFBY Update

Senior BJP leader, Parshottam Rupala who has recently been given charge of the Ministry of Fisheries, Animal Husbandry and Dairying said that Centre would share the premium subsidy for PMFBY (Pradhan Mantri Fasal Bima Yojana) up to 90% for the North eastern states from the existing 50:50 sharing ratio.

The minister attended a review meeting of the Central Sector and Centrally Sponsored schemes in Guwahati. Taking forward the ongoing Crop Insurance Awareness Campaign for PM Fasal Bima Yojana during the Crop Insurance Week across India, he said that PMFBY intends to provide security cover to all the farmers in India. He informed that for this, the Centre would share premium subsidy for PM Fasal Bima Yojana up to 90% for the NE states.

It must be noted that Kerala Agri Department launched Crop Insurance Campaign from 1 July to 15 July.

Highlighting PM Modi’s vision to provide financial security to all the farmers in the country - from the vagaries of nature and to secure their hard work, Rupala said schemes like PM Fasal Bima Yojana will provide insurance coverage & financial support to the cultivators in events of failure due to natural calamities, pests & diseases. It will also stabilize the income of farmers to ensure their continuance in agriculture.

The minister informed that over Rs. 95,000 crore worth of claims has already been provided to the farmers since the launch of PMFBY, against the total premium of Rs. 17,000 crores paid by them.

He added that in an attempt to constantly bring about improvements, the insurance scheme was made voluntary for all growers, post its revamp in February 2020. More than 5.5 crore applications have been received on year on year basis.

The minister also talked about various other Central Government schemes or yojana’s for the farmers including Pradhan Mantri Kisan Samman Nidhi Yojana and increasing MSP for various crops that has immensely helped the farmers in the country.

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