Daily Current Affairs Article 14th January 2021: The Government of India took a historic step towards strengthening risk coverage of crops for farmers of India on 5 years ago, on 13th January 2016 and approved the flagship crop insurance scheme - the Pradhan Mantri Fasal Bima Yojana (PMFBY).
The scheme was conceived as a milestone initiative to provide a comprehensive risk solution at the lowest uniform premium across the country for farmers.
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It is an insurance service scheme for farmers for their yields. It aims to reduce the premium burden on farmers and ensure early settlement of crop assurance claim for the full insured sum.
It was formulated in line with One Nation–One Scheme theme by replacing earlier two schemes National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS).
The Scheme covers all Food & Oilseeds crops and Annual Commercial/Horticultural Crops for which past yield data is available and for which requisite number of Crop Cutting Experiments (CCEs) are being conducted under General Crop Estimation Survey (GCES).
The scheme is implemented by empanelled general insurance companies. The scheme is being administered by Ministry of Agriculture.
The scheme is compulsory for loanee farmers availing Crop Loan /KCC account for notified crops and voluntary for other others.
