PMFBY is currently the world's largest crop insurance scheme in terms of farmer enrolment, with an average of 5.5 crore applications every year and the third largest in terms of premium received
New Delhi: The Union Ministry of Agriculture and Farmers Welfare on Thursday said it is ready to make farmer-friendly changes in the Pradhan Mantri Fasal Bima Yojana (PMFBY) in response to climate change and technological advances.
Union Agriculture Secretary Manoj Ahuja said that agriculture is vulnerable to climate disasters. “It is vital and important to save the vulnerable farming community of the country from the vagaries of nature. As a result, the demand for crop insurance is likely to increase. Therefore, we need to put more emphasis on crop and other types of rural/agriculture insurance products to provide adequate insurance protection to the farmers in India."
Ahuja said that in the era of rapid innovation, digitization and technology play an important role in enhancing the reach and operations of PMFBY with precision agriculture. “The union of agri-tech and rural insurance can be the magic formula for financial inclusion, enabling a belief in the scheme. Recently launched Weather Information and Network Data System (WINDS), Technology based Yield Estimation System (YES-Tech), Collection of Real Time Observations and Photographs of Crops (CROPIC), some of the major steps taken under the scheme Huh. efficiency and transparency. An integrated help line system is under beta testing in Chhattisgarh to address farmer grievances in real time.
He said that in the last six years, only ₹25,186 crore was paid by farmers, while ₹1,25,662 crore was paid to farmers against their claims, with the central and state governments bearing most of the premium under the scheme. did. “It is to be noted that the acceptability of the scheme among farmers has increased in the last 6 years, with a 282% increase in the share of non-loanee farmers, marginal farmers and small farmers since the launch of the scheme in 2016.”
In the recent past, there have been instances of meteorological uncertainties such as thunderstorms, cyclones, droughts, heat waves, lightning, floods and landslides, along with heavy untimely rains.
“The World Economic Forum's Global Risks Report 2022 classifies extreme weather risk as the second largest risk over the next 10-year period. Such sudden changes in weather patterns are capable of adversely affecting our country, where the responsibility of feeding the world's second largest population rests solely on the shoulders of the agricultural community. Hence, it becomes imperative to provide a safety net to farmers to protect their financial condition and encourage them to continue farming and ensure food security," Ahuja said.
PMFBY is currently the world's largest crop insurance scheme in terms of farmer enrolment, with an average of 5.5 crore applications every year, and the third largest in terms of premium received. According to the Ministry of Agriculture, the scheme promises minimum financial burden on the farmer, with the farmer paying only 1.5% and 2% of the total premium for the Rabi and Kharif seasons, while the central and state governments bear the bulk of the premium. Huh.
The ministry said that during the difficult seasons of 2017, 2018 and 2019 when the weather was extreme, the scheme proved to be a decisive factor in securing the livelihood of farmers, with the claim payment ratio in many states crossing 100% against the gross premium collected. was more than
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