Pradhan Mantri Fasal Bima Yojana PMFBY

13/09/2022 Others related

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Description

The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a new crop insurance scheme that has been implemented by the Government of India. The scheme aims to provide financial assistance to farmers in the event of crop loss due to natural calamities such as floods, drought, cyclones, etc. Under the scheme, farmers will be required to pay a premium of 2% for cereal crops, 1.5% for pulses and oilseeds, and 5% for horticultural crops. The scheme will be implemented on a pilot basis in the 2016-17 crop year and will be expanded to cover all districts in the country from the 2017-18 crop year. The PMFBY is a much-needed safety net for farmers, who often suffer losses due to acts of God that are beyond their control.

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