Union government has allocated ₹16,000 crores for Pradhan Mantri Fasal Bima Yojana (PMFBY) for the fiscal year 2021-22 to boost the safety of farmers’ crops and to ensure that maximum benefit of crop insurance reaches farmers.
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This is a budgetary increase of around Rs 305 crore as against the previous fiscal year 2020-21.
The scheme extends coverage for the entire cropping cycle from pre-sowing to post-harvest including coverage for losses arising out of prevented sowing and mid-season adversities.
5 years ago, on 13th January 2016, the Government of India approved this flagship crop insurance scheme.
Today, PMFBY is globally the largest crop insurance scheme in terms of farmer participation and 3rd largest in terms of premium. Over 5.5 crore farmer applications are received on year-on-year basis.
The Ministry of Agriculture and Farmers Welfare implements this scheme which was made voluntary for farmers post its revamp in 2020.
As of now. out of total farmers enrolled under PMFBY, 84% are small and marginal farmers. Thus, financial assistance is provided to most vulnerable farmers.
