|| Shree Mumba Devi Prasanna ||


AGMARKNET
18 Apr 2024
Maize : Local Max Price: 2100 Min Price: 2100   |   Soanf : Soanf Max Price: 9000 Min Price: 6000   |  

Farmers


Pradhan Mantri Fasal Bima Yojana sees 27% surge in enrollment so far in 2023-24 season

Pradhan Mantri Fasal Bima Yojana sees 27% surge in enrollment so far in 2023-24 season

India's Pradhan Mantri Fasal Bima Yojana (PMFBY) crop insurance scheme is witnessing a significant rise in participation, with a 27% increase in farmer enrollment reported so far for the 2023-24 season. This follows impressive year-on-year growth of 33.4% and 41% in 2021-22 and 2022-23, respectively.

Share with : Facebook Whatsapp Twitter Linkedin

NEW DELHI, 9 March 2024: India's Pradhan Mantri Fasal Bima Yojana (PMFBY) crop insurance scheme is witnessing a significant rise in participation, with a 27% increase in farmer enrollment reported so far for the 2023-24 season. This follows impressive year-on-year growth of 33.4% and 41% in 2021-22 and 2022-23, respectively.

Key Points

  • Strong Growth: Over the past eight years, PMFBY has enrolled a staggering 56.8 crore farmers, with over 23.22 crore receiving claims for crop losses.
  • High Claim Ratio: For every Rs. 100 paid in premiums, farmers have received an average of Rs. 500 in claims, highlighting the scheme's effectiveness.
  • Voluntary Participation: PMFBY is a demand-driven scheme, voluntary for both states and farmers. This year, a notable trend is the rise of non-loanee farmers enrolling, with 42% of insured farmers in 2023-24 opting in independently.
  • Scheme Improvements: The government has continuously improved PMFBY based on stakeholder feedback. Key changes include:
    • Voluntary participation for all farmers.
    • Increased technology usage for efficiency.
    • Revised financial sharing between central and state governments in the Northeast.
    • Freedom for states to customize risk coverage.
    • Three-year contracts for insurance companies.
  • Focus on Timely Claims: The Department of Agriculture & Family Welfare closely monitors claim settlements through regular meetings with stakeholders and technological advancements for faster data flow.

Looking Ahead

The government's efforts, including increased IEC activities and technological advancements, aim to further expand PMFBY coverage and ensure timely claim payouts to farmers. This will provide crucial financial security and empower them to navigate agricultural risks.


© Copyright 2024 Agriculture Times. All rights reserved. Republication or redistribution of Agriculture Times content, including by framing or similar means, is expressly prohibited without the prior written consent.

Support our venture and help farming commmunity in India. If you want us the work better FUND US. For as little as INR 10, you can support2.jpg the AgriTimes™ and it only takes a minute. Thank you.

Partners