PM Fasal Bima Yojana is a central government initiative to support farmers by providing affordable crop insurance and a financial scheme. Sustainable production and financial support to the farmers in the event of crop failure due to natural calamities. Indian agricultural sectors are always dependent on the mercy of monsoon season because high-tech farming and irrigation systems are still out of reach. Unpredictable monsoon season sometimes wreaks havoc in farmlands thereby making the life of farmers miserable.
In a country like India where the majority of people see their livelihood in agriculture, governments need to ensure confidence and fearlessness in farmers. Due to the uncertainty of the monsoon season, most of the existing farming communities tend to abstain from agriculture practices.
PM Fasal Bima Yojana ensures comprehensive risk cover of crops from pre-sowing to post-harvest against all-natural disasters. Cyclones, floods, droughts, lightning, landslides, etc. are covered under Fasal Bima Yojana. Hailstorms in post-harvest are also covered in Yojana. It has become the largest crop insurance in the history of India.
More than 30 crore farmers have insured their crops since its inception in 2016.
According to Finance Minister Nirmala Seetharama’s budget speech in 2024, 40 crore farmers have claimed so far.
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