[ad_1]
Pradhan Mantri Fasal Bima Yojana: Prime Minister Crop Insurance Scheme (Pradhan Mantri Fasal Bima Yojana) is being run by the central Modi government for the benefit of the farmers. In this scheme, the government provides the facility of insurance cover (PMFBY) to the crops of the farmers. There has been a decline of 48 percent in the claims of crop insurance scheme.
What are the figures
According to government data, despite an increase in the number of applications in the financial year 2021-22, there has been a decrease of 48.77 percent in the total claimed payments through PMFBY. During this period Rs 13,728.64 crore has been paid in lieu of 8.32 crore insurance claims. This amount is less than Rs 20,425.01 crore paid for 6.23 crore applications in 2020-21.
Heavy rains in many states
It should be known that this year many states of the country like Odisha, Maharashtra, Haryana and Punjab have received a lot of rain. At the same time, some other states of the country like Uttar Pradesh, Bihar, Jharkhand and Madhya Pradesh have also received a lot of rain. Due to this, farmers’ crops like paddy, pulses etc. have suffered a lot. If the crop gets ruined due to weather or any natural calamity, then the government gives compensation to the farmers. With this, farmers get financial help in times of trouble.
Multi-agency insurance applicable
According to the PMFBY website, PMFBY is implemented through a multi-agency framework by empaneled insurance companies under the guidance of the Union Ministry of Agriculture and state governments. The implementing company for a state is selected by its government through a bidding process. To help the farmers, the PMFBY scheme has been used by insurance companies to make profits. The gross premium for 2021 for both rabi and kharif crops stood at Rs 28,288.31 crore.
What is Crop Insurance Scheme
Prime Minister Narendra Modi started the Pradhan Mantri Fasal Bima Yojana in the year 2016 during his first term. This scheme was introduced to provide insurance cover in case of natural calamities, pests and diseases or crop failure in any way. So that the farmers can be compensated for the economic losses. The benefits of this scheme can be availed by all the farmers including tenant farmers, tenant farmers.
Chance of change in plan
On the other hand, there are expectations of changes in the Pradhan Mantri Fasal Bima Yojana. In the month of November, Agriculture Secretary Manoj Ahuja had given this information to the media. Ahuja had said that in view of the recent climate crisis and rapid development of technology, the government is ready to make changes in the Pradhan Mantri Fasal Bima Yojana for the benefit of the farmers.
Read this also- Market Cap: Market valuation of 9 out of top-10 Sensex companies fell, only HDFC Bank benefited
[ad_2]
Source link