Pradhan Mantri Fasal Bima Yojana

Agriculture in India is associated with high risks of droughts and floods. It is necessary to protect farmers from natural calamities and ensure their credit eligibility. Thus, the Government of India implemented Pradhan Mantri Fasal Bima Yojana.

Launched on February 18, 2016, by Prime Minister Mr. Narendra Modi, this Prime Minister Crop Insurance Scheme is an insurance service for farmers and their yields. This sarkari yojana was formulated with the “One Nation–One Scheme” theme by replacing two previous schemes, namely the National Agricultural Insurance Scheme and Modified National Agricultural Insurance Scheme. 

Objectives

  • Providing insurance coverage and financial support to farmers in case of failures of notified crops due to natural calamities, pests, and diseases
  • Stabilizing the income of farmers
  • Encouraging farmers to adopt innovative and modern agricultural practices
  • Ensuring the flow of credit to the agriculture sector

Coverage

Farmers growing notified crops in notified areas during notified seasons with an insurable interest in crops are eligible. Compulsory coverage is applicable to farmers in notified areas who possess a crop loan/KCC account, whose credit limit is sanctioned/renewed for the crop during notified seasons, and those included by the government on a timely basis. Voluntary coverage is applicable to farmers who do not fall under the aforementioned inclusion criteria.

Notified crops

The scheme is applicable for two types of crops: Kharif and Rabi. It is implemented on an area-approach basis, including defined areas and notified areas. 

Highlights

  • Only 2% and 1.5% uniform premium is to be paid by farmers for all Kharif and Rabi crops, respectively. For annual commercial and horticultural crops, a 5% premium is to be paid.
  • Technology usage, including smartphones and remote sensing approaches, is encouraged.
  • Exclusion of Service Tax liability.

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Prime minister-launched schemes in India

Over the years of Indian Politics, many prime ministers have implemented schemes and welfare initiatives. These schemes are mainly funded by the central government of India and also by the state governments. Atal Bihari Vajpayee, Manmohan Singh, Rajiv Gandhi, and Narendra Modi have worked for the betterment of society.

One unique aspect of the schemes is their catchy names, such as Swachh Bharat Mission and Smart Cities Mission. The names have much more attention from masses. The government of India under the influence of prime ministers has doubled many of its flagship schemes and programs. Recently, on May 31, 2019, the government declared to extend PM Kisan Samman Nidhi. The scheme was originally available to only some categories of farmers; it has now been made available to all farmers in the country. Under this scheme, farmers are annually paid Rs. 6,000 in three installments. Over 145 million people would be benefitted from this. Launched by September 2018, PM Jan Arogya Yojana would be targeting 107 million people. New Jal Shakti Ministry has been announced with the aim of availing piped water to all Indian families by 2024. Schemes have also been launched for better skill-training activities and entrepreneurship, such as Skill India Mission and Make in India Mission. The National Rural Employment Guarantee Act was launched in 2005 for social security purposes, promising livelihood and employment to rural areas.

There are many pension-related schemes for our country’s farmers, traders, and entrepreneurs. Startup India is one of the flagship initiatives launched for strengthening startup culture and professional ecosystem. While prime ministers-launched schemes have done the best to fix agricultural crisis, employment and investment are expected to be next on the government’s agenda.