Government allocates Rs 16000 crore for Pradhan Mandri Fasal Bima Yojana for 2021-22

Union government has allocated 16,000 crores for Pradhan Mantri Fasal Bima Yojana (PMFBY) for the fiscal year 2021-22 to boost the safety of farmers’ crops and to ensure that maximum benefit of crop insurance reaches farmers.

In a press statement, Union Ministry of Agriculture and Farmers Welfare said, “This is a budgetary increase of around 305 crore as against the previous fiscal year 2020-21, which reiterates the government’s commitment towards the growth of agriculture sector in the country”.

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According to the Ministry, five years ago, on January 13, 2016, the Government of India approved this flagship crop insurance scheme. The scheme was conceived as a milestone initiative to provide a comprehensive risk solution at the lowest uniform premium across the country for farmers.

Over the past 5 years, the Ministry of Agriculture and Farmers Welfare has worked extensively towards revamping the Pradhan Mantri Fasal Bima Yojana (PMFBY) scheme by relooking at the structural, logistical, and other challenges. The scheme was made voluntary for farmers to post its revamp in 2020.

As of now out of total farmers enrolled under PMFBY, 84 per cent are small and marginal farmers. Thus, financial assistance is provided to the most vulnerable farmers.

The government’s aim is to resolve structural, logistical, and other challenges, and expand the benefit of PMFBY to all farmers for a #AatmaNirbharBharat.