Pradhan Mantri Fasal Bima Yojana: A Paradigm Radical Alteration of Farmers’ Lives

Pradhan Mantri Fasal Beema Yojana was launched in 2016
Pradhan Mantri Fasal Beema Yojana was launched in 2016

The farmer-centric scheme, Pradhan Mantri Fasal Beema Yojana (PMFBY), was inaugurated in the year 2016 by the Prime Minister of India Narendra Damodar Das Modi with a vision to protect the farmers against various risks of crop loss due to natural calamities.

The objectives of this scheme were crystal clear their aim in improving the quality of life of farmers hence since 2016, PMFBY has only been transforming the lives of farmers by providing financial security post any unfortunate event in the course of farming, helping them in adapting new methods of farming and covering the risks of pre and post farming. Pradhan Mantri Fasal Bima Yojana is the largest crop insurance scheme in the history of independent India has benefitted 29.19 crore farmers and has helped them to insure their crops under this scheme since 2016.

In the last eight years, PMFBY has brought a paradigm shift in agricultural practices by transforming farmers’ lives. Under PMFBY more than Rs 95,000 crore worth of claims have been provided to farmers against the total premium of Rs 17,000 crore paid by them. In terms of premiums, PMFBY is the third-largest crop insurance program worldwide. Presently, farmers in 20 States and Union Territories are reaping the benefits of PMFBY.

The scheme provides comprehensive risk coverage from pre-sowing to post-harvest losses to include the greatest number of farmers possible in the scope of crop insurance. Highlighting the milestones achieved by the Pradhan Mantri Fasal Beema Yojana, this scheme has not only paved its way quintessentially changing the lives of farmers but has also encouraged them to lead a better financially secured future ahead.

Looking at the numbers, annually more than 6.2 crore farmers join this scheme, since PMFBY's establishment, almost 37 billion farmer applications have been covered and to date more than Rs. 1.15 billion claims have been settled. 68% of loaned-out farmers and 32% of non-loaned-out farmers have enrolled. Impactful campaigns like ‘Meri Haath Meri Policy’ impacted and helped sensitize farmers about PMFBY and the importance of crop insurance during crop loss that occurred due to natural calamities.

The state government Organised exhibitions like 'Kisan Mela' and 'Krishi Pradarshani' to educate farmers about new and innovative farming technologies such as drones etc.

PMFBY since its initiation has been protecting, nurturing, and impacting the lives of farmers and like it is famously quoted by the Hon’ble prime minister of India, Shri Narendra Modi, ‘’PM Fasal Bima Yojana is continuously playing an important role in protecting the economic interests of the hardworking farmers by reducing the risk associated with weather uncertainties’’, PMFBY continues to serve the farmers and work relentlessly in their interest towards worry-free farming and a satisfactory living and help them to shape a bright future for their future generations.

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