PMFBY Update: Government Likely to Release Rs. 10,000 crore for Farmers by April 20; Details Inside

Farmers in India have been facing many problems since past few months. First they were upset due to continuous rainfall that had destroyed several crops and now the Coronavirus outbreak and lockdown has made things more difficult for them.

Keeping all these things in mind, the Modi government could release a relief package worth Rs 10,000 crore by 20^th April 2020 to help farmers deal with this situation. The central government had been planning this since long but has decided to release the amount now as the situation has become more adverse due to COVID-19 spread.

To recall, last year's heavy rains in the months of October and November had destroyed many Kharif crops including paddy and due to this farmers had suffered huge loss. Since then many farmers’ organizations had been asking the government for relief measures.

Under the Pradhan Mantri Fasal Bima Yojana (PMFBY), the relief amount or insurance money will be directly transferred to the bank accounts of the affected farmers. Government has been getting constant pressure to release the compensation amount as early as possible. And now the government also wants to transfer this money soon because due to the lockdown, farmers are facing many other problems. They are not able to harvest their rabi crops due to 21-day nationwide lockdown. According to TOI report, a senior agriculture ministry official said that the calculation of final amount of crop insurance is in its final stage and soon we will provide the money to the farmers.

If the farmers get money at this time, it will be a big help for them because they are not able to sell their products in the mandis at the right price due to the lockdown.

PMFBY: How much amount will be released for each state?

A few days ago an amount of Rs 4,500 crore was released for the farmers of Maharashtra. "After assessing the claims of Maharashtra, we are going to release about Rs 800 or Rs. 1,000 crore soon," the official said. Apart from this, Rs 2,500 crore or Rs 3,000 crore can be released for the farmers of Madhya Pradesh. Rs. 1,500 crores can be released for Karnataka, Rs. 1,200 crores for Rajasthan and Rs. 800 to 1,000 crores for Andhra Pradesh. Rs. 600 crore package can be released for Chhattisgarh.

For more details keep checking the official website - https://pmfby.gov.in/