Centre allocates Rs 16,000 cr for PM Fasal Bima Yojana

Government has allocated 16 thousand crore rupees for Pradhan Mantri Fasal Bima Yojana for 2021-22 to boost the safety of farmers’ crops. Agriculture and Farmers Welfare Ministry said, this will ensure maximum benefit of crop insurance reaches to farmers. The Ministry said, this is a budgetary increase of around 305 crore rupees as against the previous fiscal year 2020-21, which reiterates the government’s commitment towards growth of agriculture sector in the country.

The 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. Government had approved this flagship crop insurance scheme, five years ago, on 13th January 2016. The scheme was conceived as a milestone initiative to provide a comprehensive risk solution at the lowest uniform premium across the country for farmers. The Ministry said, today, Pradhan Mantri Fasal Bima Yojana is globally the largest crop insurance scheme in terms of farmer participation and 3rd largest in terms of premium. Over five crore 50 lakh farmer applications are received on year-on-year basis.