Pradhan Mantri Fasal Bima Yojana: Farmers will Get Compensation for Damaged Crops with Interest

Farmers in many states and parts of Northern India faced huge loss after their standing crops in the fields got damaged due to heavy rain and hailstorm in the last few days. These crops include wheat, pulses, oilseeds and several vegetable crops. Farmers are very much tensed as all these crops got spoiled at the time of harvesting. This sudden change in weather and other natural calamities not only ruins farmers’ effort and time but a lot of money that have invested in that crop.

Understanding the situation and problems of farmers, the Uttar Pradesh Government is trying to come out with all possible efforts to support them. The state government is trying to provide insurance compensation to the farmers affected due to heavy rain and hailstorm. It must be noted that the insurance money will be provided only to the beneficiaries of Pradhan Mantri Fasal Bima Yojana.

UP Government Issues Directive

State Agriculture Minister Surya Pratap Shahi has instructed all the insurance companies to pay crop compensation to the farmers in fifteen days. It has asked them to complete all the survey work in 15 days time so that farmers can be immediately provided with the compensation for crop loss.

The agriculture department officials as well as insurance companies are engaged in its review. Accordingly, it has been directed to the insurance companies that under the Prime Minister Fasal Bima Yojana or PMFBY, the survey work must be completed as soon as possible.

Farmers will get compensation with interest

In addition, the Agriculture Minister has instructed the insurance companies and firms engaged with PMBFY to pay for the damaged crops along with the interest to farmers till 25th of March. And if the insurance companies do not do this, then strict action will be taken against them. If farmers get compensation for the damaged crops on time then it will really be very helpful for them.

Changes made in PMFBY

Under the Pradhan Mantri Fasal Bima Yojana that was launched in February 2016 by Indian Prime Minister Narendra Modi, it is compulsory for the loanee farmers to take insurance cover under this scheme. At present, 58% of the total farmers are loanee under PMFBY. The Union Cabinet has recently approved few changes in the fasal bima yojana as the farmers' body and states were raising some concerns regarding it.