Govt. Allocates 16000 Crore for PMFBY for FY2021-22

On January 13, 2016, the Government of India approved PMFBY flagship crop insurance scheme to provide a comprehensive risk solution at the lowest uniform premium across the country for farmers.It is globally the largest insurance scheme in terms of farmer participation and 3rd largest in terms of premium.This scheme extends coverage for the entire cropping cycle from pre sowing to post harvest including coverage for losses arising out of prevented sowing and mid-season adversities.

Union government has allocated 16000 crores for PMFBY a budgetary increase of around 305 crore as against previous fiscal year to boost the safety of farmers’ crops and to ensure that maximum benefit of crop insurance reaches farmers. The aim of to resolve structural,logistical and other challenges and expand the benefit of PMFBY to all farmers for a Aatma Nirbhar Bharat.

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