Pradhan Mantri Fasal Bima Yojana (PMFBY)
- Prime Minister Shri Narendra Modi unveiled the new scheme Pradhan Mantri Fasal Bima Yojana (PMFBY) on 13th January, 2016
- This scheme will help in decreasing the burden of premiums on farmers who take loans for their cultivation and will also safeguard them against the inclement weather.
- It has also been decided to make the settlement process of the insurance claim, fast and easy so that the farmers do not face any trouble regarding the crop insurance plan.
- This scheme will be implemented in every state of India, in association with respective State Governments. The scheme will be administered under the Ministry of Agriculture and Farmers Welfare, Government of India.
OBJECTIVES OF THE SCHEME
- To provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crop as a result of natural calamities, pests & diseases.
- To stables the income of farmers to ensure their continuous process in farming.
- To encourage farmers to adopt innovative and modern agricultural practices.
- To ensure flow of credit to the agriculture sector.