SHILLOMG, 9 June 2023: The Government of Meghalaya has extended 100 percent premium support to farmers under the Pradhan Mantri Fasal Bima Yojana (PMFBY) for both Kharif and Rabi seasons during 2023-24.
This means that the state government will pay the entire premium for farmers who take out crop insurance under the scheme.
The PMFBY is a government-backed crop insurance scheme that provides financial assistance to farmers in case of crop failure due to natural calamities or unforeseen events. The scheme is voluntary and open to all farmers who grow notified crops in notified areas.
The Meghalaya government's decision to extend 100 percent premium support is expected to encourage more farmers to take out crop insurance. This will help to protect farmers from the financial losses that can occur in the event of crop failure.
The government has also set an enrolment target of 27,000 farmers for Kharif season 2023 and 10,000 farmers for Rabi season 2023-24. The premium support guarantee by the government is expected to help the state achieve its enrolment target and provide much-needed financial protection to farmers.
