1. Agriculture World

PMFBY: Rajasthan to Make Additional Allocation of Rs.500 crore under Crop Insurance Scheme

Ayushi Raina
Ayushi Raina
PM Narendra Modi

Farmers' crops have suffered greatly during the monsoon season, due to excessive rain in certain regions and a lack of rainfall in other districts. In such a case, the state government compensates farmers under Pradhan Mantri Fasal Bima Yojana . 

Under the Pradhan Mantri Fasal Bima Yojana, the Rajasthan government has paid the insurance company the premium amount paid by the state to compensate farmers for the loss of Kharif crops. On the basis of an urgent necessity for payment of state share premium for the execution of the Pradhan Mantri Fasal Bima Yojana, Chief Minister Ashok Gehlot has accepted a proposal to make available an additional amount of Rs. 500 crore. 

15 districts' farmers will be compensated 

Farmers in 12 to 15 districts of the state would receive immediate assistance owing to crop damage caused by excessive rains and drought in Kharif 2021. Following receipt of the state share premium, insurance companies allocate claims to farmers.

In light of this, the Finance Department has proposed allocating additional funds to various budget items in order to pay state share premiums under the Pradhan Mantri Fasal Bima Yojana in the current fiscal year. 

About PMFBY: 

The new Crop Insurance Scheme follows the notion of ‘One Nation, One Scheme’. It integrates the greatest features of all previous schemes while simultaneously eliminating all past flaws and drawbacks. The PMFBY will take the place of the National Agricultural Insurance Scheme and the Modified National Agricultural Insurance Scheme. 

Objectives of PMFBY: 

  • To provide farmers with insurance coverage and financial assistance in the event that any of the registered crops fails due to natural catastrophes, pests, or illnesses.

  • Farmers' incomes must be stabilized in order for them to continue farming.

  • Farmers should be encouraged to use creative and advanced farming methods.

  • To guarantee that finance is available to the agricultural sector.

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