Agroinsurance

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India - How modi government's PMFBY crop insurance scheme has empowered farmers

16.02.2024 547 views

Since its launch in 2016, the Pradhan Mantri Fasal Bima Yojana (PMFBY) has aimed to provide Indian farmers with a simple, affordable, and comprehensive crop insurance solution. This scheme covers all non-preventable natural risks from pre-sowing to post-harvest, ensuring financial support in case of crop failure due to natural calamities, pests, or diseases.

Adhering to the "One Nation, One Crop, One Premium" principle, PMFBY offers a robust shield against crop losses caused by unpredictable natural hazards. This protection not only stabilizes farmers' income but also encourages the adoption of innovative agricultural practices.

Key Features of the PMFBY

Compared to previous schemes, PMFBY offers a more comprehensive and robust coverage for crops. The removal of premium capping allows farmers to receive full claim amounts without reductions. Additionally, PMFBY covers individual farms nationwide for localized disasters such as hailstorms, landslides, floods, and wildfires, as well as post-harvest losses from cyclones, heavy rain, and hail.

PMFBY is Technology-Driven

In a tech-driven revolution, PMFBY employs remote sensing, smartphones, and drones for rapid crop loss assessment and claim settlements. The National Crop Insurance Portal (NCIP) digitizes processes for seamless interaction between farmers, insurers, and banks. YES-TECH (Yield Estimation System Based on Technology) ensures accurate yield estimation through remote sensing, while CROPIC (Collection of Real-time Photos and Observations of Crops) uses geotagged photos for precise damage assessment. This integration of technology empowers farmers and streamlines insurance operations.

Rs 1.54 Lakh Crore Paid in Claims

With 56.96 crore applications insured since its inception in 2016-17, PMFBY has made a significant impact, paying out Rs 1,54,469 crore in claims. This extensive reach and financial assistance underscore the scheme's crucial role in supporting farmers during challenging times.

By offering a comprehensive and accessible insurance product, PMFBY empowers farmers, improves agricultural practices, and contributes to the overall growth and stability of the Indian agricultural sector.

Source - https://menafn.com

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