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    PMFBY: 27 Lakh Farmers in UP Receive Compensation of Rs. 3,000 Crore

    photo credit – ; hindustan times

    HIGHLIGHTS 

    • Reimbursement of Rs 3074.6 crore has been deposited in the accounts of 27.59 lakh farmers in Uttar Pradesh as a part of the Pradhan Mantri Fasal Bima Yojana so that it will increase farmers’ earnings and assure the protection of their crops. 

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    Reimbursement of Rs 3074.6 crore has been deposited in the accounts of 27.59 lakh farmers in Uttar Pradesh as a part of the Pradhan Mantri Fasal Bima Yojana so that it will increase farmers’ earnings and assure the protection of their crops. Farmers have embraced the PM Fasal Bima Yojana, a scheme that insures them in the event that their crops fail because of pests, diseases, or natural catastrophes, in huge numbers throughout the nation. 

    From Kharif 2016 to Kharif 2021, each year, over 5.5 crore farmers from all around the nation sought crop insurance via the Fasal Bima Yojana. Over 21 thousand crores in premiums had been collected, and farmers have obtained over 1.15 lakh crore in payments as insurance claims. Launched in 2016–17, PMFBY is the third-largest crop insurance scheme in terms of premiums paid and the most important crop coverage scheme in terms of farmer participation globally. 

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    According to the scheme, farmers should pay a consistent premium of simply 2 per cent for all Kharif crops and 1.5 per cent for all Rabi crops. The premium that should be paid in the case of yearly business and horticultural crops is simply 5%. The farmers have benefited substantially from this initiative. In all the districts of Uttar Pradesh, Chief Minister Yogi Adityanath has placed this important government scheme into impact on the gram panchayat level. 

    Farmers who adopt agriculture whilst taking out loans are compulsorily covered on this scheme. The majority of farmers have selected to get insurance. A spokesman for the UP authorities claims that in the Yogi administration, 281.25 lakh farmers received crop coverage, with 27.59 lakh farmers receiving reimbursement of Rs. 3074.60 crore. This additionally consists of the payout of Rs 654.85 crore in crop reimbursement to 7.02 lakh farmers during the Kharif season of 202. 19.90 lakh farmers have insured 14.21 lakh hectares for Rabi 2021–2022. 

    He said that the process of reimbursement was presently underway. From the Kharif 2016 season onward, this scheme was commenced in India through the Ministry of Agriculture & Farmers Welfare. Since Rabi 2016, the National Insurance Company has taken part in PMFBY. 

    The Pradhan Mantri Fasal Bima Yojana (PMFBY) pursuits to help agricultural production that is sustainable through giving economic useful resources to farmers who’ve experienced crop loss or harm because of unforeseeable circumstances, stabilising their profits from farming, and inspiring them to apply new and present-day agricultural techniques. 

    The programme additionally tries to guard farmers against production risks whilst making sure a flow of finance to the agriculture sector, which promotes food security, crop diversification, and industry increase and competitiveness. All farmers who have been permitted for Seasonal Agricultural Operations (SAO) loans from economic institutions for the declared crop season could automatically be covered. 

    For farmers who do not have loans, the scheme is optional. The coverage insurance is equal to the sum insured per hectare, as said in the official declaration or at the National Crop Insurance Portal, times the region needed for the specific crop.

    Krishnaanand nishadhttps://axpertmedia.in/
    Axpert Media has been for more than a year, a provider in India's digital journalism. Founded in 2 founder & CEO Krishnaanand lalabahadur nishad

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