6.FIVE YEARS OF PRADHAN MANTRI FASAL BIMA YOJANA
- Recently, the flagship crop insurance scheme of the Government of India –the Pradhan MantriFasalBimaYojana (PMFBY)– has completed five years of its launch.PMFBY was launched on 13 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.
PRADHAN MANTRI FASAL BIMA YOJANA (PMFBY):
- It provides a comprehensive insurance cover against failure of the crop thus helping in stabilising the income of the farmers.
- All food & oilseed crops and annual commercial/horticultural crops for which past yield data is available.
- The prescribed premium is 2% to be paid by farmers for all Kharifcrops and 5% for all rabi crops. In the case of annual commercial and horticultural crops, the premium is 5%.
- Premium cost over and above the farmer share was equally subsidized by States and GoI.
- However, GoI shared 90% of the premium subsidy for North EasternStates to promote the uptake in the region.
- The scheme was compulsory for loanee farmers availing Crop Loan/KisanCredit Card (KCC) account for notified crops and voluntary for others.
In order to ensure more efficient and effective implementation of the scheme, the central government had revamped PMFBY in the 2020 Kharif season.
This overhauled PMFBY is often called PMFBY 2.0, it has the following features:
- Enrolment 100% voluntary for all farmers from 2020 Kharif.
- The Cabinet has decided to cap the Centre’s premium subsidy under the scheme for premium rates up to 30% for unirrigated areas/crops and 25% for irrigated areas/crops.
- The government has given the flexibility to states/UTs to implement PMFBY and given them the option to select any number of additional risk covers/features.
- Insurance companies have to now spend 5% of the total premium collected on information, education and communication (IEC) activities.
USE OF TECHNOLOGY UNDER PMFBY:
- Crop Insurance App Provides for easy enrollment of farmers.
- Facilitate easier reporting of crop loss within 72 hours of occurrence of anyevent.
- Latest Technological Toolsto assess crop losses, satellite imagery, remote-sensing technology, drones, artificial intelligence and machine learning are used.
- PMFBY PortalFor integration of land records.
Successful implementation of PMFBY is an essential benchmark in agricultural reform in India to make farmers self-sufficient in times of crisis and support the creation of an AatmanirbharKisan.