'For farmers' security': PM Fasal Bima Yojana completes 5 years
The PM Fasal Bima Yojana, launched in 2016 by Prime Minister Narendra Modi, completed its five years on Wednesday. According to the PM, the scheme has increased coverage, mitigated risk and benefitted crores of farmers.
"An important initiative to secure hardworking farmers from the vagaries of nature, PM Fasal Bima Yojana completes 5 years today. The Yojana has increased coverage, mitigated risk and benefitted crores of farmers. I congratulate all beneficiaries of the scheme," PM tweeted.
Meanwhile, the Union agriculture ministry on Tuesday urged farmers to take advantage of the scheme. "The Government of India urges farmers to take advantage of the scheme by associating themselves to become self-sufficient in times of crisis and support the creation of an Aatmanirbhar Kisan," it said in a statement, adding that claims worth Rs90,000 crore have so far been disbursed to farmers since the launch of the scheme on January 13, 2016.
The scheme covers over 5.5 crore farmer applications year-on-year and the linking Aadhaar cards to farmers' bank accounts has helped in speedy claim settlement, it said. "The PMFBY was conceived as a milestone initiative to provide a comprehensive risk solution at the lowest uniform premium across the country for farmers," the statement added.
The scheme extends coverage from pre-sowing to post-harvest season, and also for losses arising out of prevented sowing and mid-season adversities.
Under PMFBY, the average sum insured per hectare has increased from Rs15,100 to Rs40,700. "PMFBY raised the bar. Average sum insured per hectare. Before PMFBY- Rs15,100, after PMFBY – Rs40,700. Celebrating five years of new-age crop insurance scheme. One that is truly made for the farmers," the official account of PMFBY tweeted on the occasion.
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