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Govt allocates Rs 16,000Cr for Fasal Bima Yojana for 2021-22

By TIOL News Service

NEW DELHI, FEB 08, 2021: THE Central government has allocated Rs. 16,000 crore for the Pradhan Mantri Fasal Bima Yojana (PMFBY) for 2021-22 to ensure maximum benefit of crop insurance reaches the farmers.

"This is a budgetary increase of around Rs. 305 crore as against the previous fiscal year 2020-21, which reiterates the government's commitment towards growth of agriculture sector in the country," said the Ministry of Agriculture and Farmers Welfare on Sunday.

The PMFBY extends coverage for the entire cropping cycle from pre-sowing to post-harvest including coverage for losses arising out of prevented sowing and mid-season adversities.

The government approved the flagship crop insurance scheme to provide a comprehensive risk solution at the lowest uniform premium across the country for farmers in January, 2016.

The scheme is globally the largest crop insurance scheme in terms of farmer participation and third largest in terms of premium. Over 5.5 crore farmer applications are received on year-on-year basis, said the ministry.

As of now, 84 per cent of the farmers enrolled in the scheme are small and marginal farmers.


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