Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
GS2 POLITY:
On February 18, 2025, the Pradhan Mantri Fasal Bima Yojana (PMFBY) completed nine years. Launched in 2016 by Prime Minister Narendra Modi, it safeguards farmers from financial losses due to natural calamities like droughts, floods, and pest attacks.
Key Features
- Affordable Premiums: Farmers pay 2% for Kharif and 1.5% for Rabi crops; the government covers the rest.
- Risk Coverage: Includes yield loss, prevented sowing, post-harvest damage, and localised calamities.
- Quick Compensation: Payouts within two months prevent debt traps.
Government & Technology Support
The Union Cabinet extended PMFBY and RWBCIS until 2025-26 with a ₹69,515.71 crore budget. Advanced tech like satellites, drones, and the YES-TECH system (introduced in Kharif 2023) ensures accurate yield estimates and faster claim settlements.
Growing Participation & Global Impact
In 2023-24, non-loanee farmers made up 55% of coverage, showing increased trust. Some states have waived premiums to ease farmers’ burden. PMFBY is now the world’s largest crop insurance scheme, setting a global benchmark.