{"id":13972,"date":"2021-02-08T00:00:00","date_gmt":"2021-02-08T00:00:00","guid":{"rendered":"https:\/\/www.nextias.com\/current_affairs\/uncategorized\/08-02-2021\/government-allocation-for-pradhan-mantri-fasal-bima-yojana-pmfby\/"},"modified":"2021-02-08T00:00:00","modified_gmt":"2021-02-08T00:00:00","slug":"government-allocation-for-pradhan-mantri-fasal-bima-yojana-pmfby","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/08-02-2021\/government-allocation-for-pradhan-mantri-fasal-bima-yojana-pmfby","title":{"rendered":"Government allocation for Pradhan Mantri Fasal Bima Yojana (PMFBY)"},"content":{"rendered":"<p><strong>In News &#8211;<\/strong>Recently, the<strong> <\/strong>Government of India <strong>allocated Rs. 16000 crore<\/strong> for <strong>Pradhan Mantri Fasal Bima Yojana <\/strong>(PMFBY) for<strong> 2021-22.<\/strong><\/p>\n<ul>\n<li>This is a <strong>budgetary increase <\/strong>of around <strong>Rs 305 crore<\/strong> against the previous fiscal year 2020-21.<\/li>\n<\/ul>\n<p><strong>About Pradhan Mantri Fasal Bima Yojana (PMFBY):<\/strong><\/p>\n<ul>\n<li>The flagship crop insurance<strong> scheme was launched on 13th January 2016<\/strong>, in line with the <strong>One Nation-One Scheme<\/strong> theme.<\/li>\n<li>PMFBY is globally the <strong>largest crop insurance scheme<\/strong> in terms of <strong>farmer participation<\/strong> and <strong>3rd largest in terms of premium.<\/strong><\/li>\n<li>The scheme <strong>extends coverage<\/strong> for the <strong>entire cropping cycle<\/strong> from <strong>pre-sowing<\/strong> to <strong>post-harvest<\/strong> including <strong>coverage for losses<\/strong> arising out of <strong>prevented sowing<\/strong> and <strong>mid-season adversities.<\/strong>\n<ul>\n<li>\u00a0Over <strong>5.5 crore farmer applications<\/strong> are received on a <strong>year-on-year basis.<\/strong><\/li>\n<\/ul>\n<\/li>\n<li>It replaced the existing <strong>National Agricultural Insurance Scheme (NAIS)<\/strong> and its modified version <strong>(MNAIS)<\/strong>.<\/li>\n<li><strong>Key Features &#8211;<\/strong>\n<ul>\n<li>There is<strong> no upper limit <\/strong>on <strong>Government subsidy.<\/strong><\/li>\n<li>The <strong>premium rates<\/strong> to be paid by<strong> farmers are very low, <\/strong>and the <strong>Government pays a balance premium<\/strong> to <strong>provide full insured amounts to the farmers.<\/strong><\/li>\n<li>The prescribed <strong>premium is 2%<\/strong> to be <strong>paid by farmers<\/strong> for <strong>all Kharif crops<\/strong> and <strong>1.5% for all rabi crops.<\/strong>\n<ul>\n<li>In the case of annual <strong>commercial and horticultural crops<\/strong>, the <strong>premium is 5%<\/strong>.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Premium cost over<\/strong> and <strong>above the farmer share <\/strong>is <strong>equally subsidised by States and the Center.<\/strong>\n<ul>\n<li>However, the Centre\u2019s share is 90% of the premium subsidy for the <strong>Northeastern States <\/strong>to <strong>promote the uptake in the region.<\/strong><\/li>\n<\/ul>\n<\/li>\n<li>Earlier, there was a provision of capping the premium rate, which resulted in low claims b<strong>eing paid to farmers, <\/strong>so it was <strong>removed and farmers <\/strong>will get a claim against full sum <strong>insured without any reduction.<\/strong>\n<ul>\n<li><strong>Use of Technology-<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li><strong>Integration of land records<\/strong> with the <strong>PMFBY portal.<\/strong><\/li>\n<li><strong>Crop Insurance mobile app<\/strong> for easy enrolment of farmers.<\/li>\n<li>Farmers can <strong>report crop loss within 72 hours<\/strong> of the occurrence of any event through the App, Common Service Centres (CSCs) or the nearest agriculture officer.\n<ul>\n<li>Claim benefit is then provided electronically into the bank accounts of the eligible farmer.<\/li>\n<\/ul>\n<\/li>\n<li>Usage of <strong>satellite imagery, remote-sensing technology, drones, artificial intelligence (AI) and machine learning (ML) <\/strong>to assess crop losses.<\/li>\n<\/ul>\n<p><strong>Objectives &#038; significance-<\/strong><\/p>\n<ul>\n<li>To provide insurance coverage and financial support to the farmers in the event of failure of any of the <strong>notified crops as a result of natural calamities, pests and diseases.<\/strong>\n<ul>\n<li>It covers <strong>yield losses, losses<\/strong> arising out of<strong> prevented sowing due <\/strong>to <strong>adverse weather<\/strong> <strong>conditions, post-harvest losses<\/strong> and l<strong>osses due<\/strong> to certain <strong>localized problems like hailstorms, landslides and flooding.<\/strong><\/li>\n<li>To stabilise the<strong> income of farmers<\/strong> to ensure their <strong>continuance in farming.<\/strong><\/li>\n<li>To <strong>encourage farmers<\/strong> to<strong> adopt innovative <\/strong>and <strong>modern agricultural practices.<\/strong><\/li>\n<li>To ensure the <strong>flow of credit <\/strong>to the agriculture sector.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<table border=\"1\" cellspacing=\"0\" style=\"width:742px\">\n<tbody>\n<tr>\n<td style=\"vertical-align:top; width:6.5in\">\n<p><strong>Revamped PMFBY (PMFBY 2.0):<\/strong><\/p>\n<ul>\n<li>Over the past 5 years, the Ministry of Agriculture and Farmers Welfare has worked extensively towards revamping the PMFBY scheme by relooking at the structural, logistical, and other challenges.<\/li>\n<li>Under the revamped PMFBY, the scheme is made <strong>voluntary for all farmers.<\/strong><\/li>\n<li>The <strong>states have also been provided flexibility<\/strong> to<strong> rationalise<\/strong> the sum insured so that <strong>adequate benefit can be availed by farmers.<\/strong><\/li>\n<li>The average sum insured per hectare has increased from <strong>Rs. 15,100<\/strong> during the <strong>pre-PMFBY schemes to Rs. 40,700 under PMFBY.<\/strong><\/li>\n<li>The <strong>allocation of work <\/strong>to<strong> insurance companies<\/strong> in a cluster has been set at <strong>three years <\/strong>for <strong>ensuring proper infrastructure creation,<\/strong> including setting up of stratified <strong>grievance redressal mechanism<\/strong>.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Achievements<\/strong><\/p>\n<ul>\n<li>Claims worth Rs.<strong> 90,000 crore<\/strong> have so far been disbursed to farmers since the launch of the scheme.<\/li>\n<li>The <strong>Aadhaar seeding<\/strong> has helped in <strong>speedy claim settlement directly<\/strong> into the farmer accounts.<\/li>\n<li>Even during the <strong>Covid-19 lockdown period<\/strong>, nearly<strong> 70 lakh farmers <\/strong>benefitted and claims worth <strong>Rs. 8,741.30 crore were transferred<\/strong>.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/pib.gov.in\/PressReleseDetailm.aspx?PRID=1695990\" target=\"_blank\" rel=\"noopener\">Source: PIB<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In News &#8211;Recently, the Government of India allocated Rs. 16000 crore for Pradhan Mantri Fasal Bima Yojana (PMFBY) for 2021-22. This is a budgetary increase of around Rs 305 crore against the previous fiscal year 2020-21. About Pradhan Mantri Fasal Bima Yojana (PMFBY): The flagship crop insurance scheme was launched on 13th January 2016, in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-13972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2023\/07\/3009989current-affairs.jpg","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/13972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=13972"}],"version-history":[{"count":0,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/13972\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media\/13973"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=13972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=13972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=13972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}