Context

• The Union government has decided to expand the ambit of the PM Fasal Bima Yojana, to include crop damage by animals as a ground for payouts.

About Pradhan Mantri Fasal Bima Yojana (PMFBY)

• Launched: 18th February 2016
• Flagship farm insurance scheme
• Ministry: Ministry of Agriculture and Farmers Welfare
• Aim: To support production in agriculture by providing an affordable crop insurance product to ensure comprehensive risk cover for crops of farmers against all non-preventable natural risks from pre-sowing to post-harvest stage.

Premiums under Scheme

• Premium for Kharif Crops: 2%
• Premium for Rabi Crops: 1.5%
• Premium for Horticultural Crops: 5%
• In the North-Eastern States, Jammu and Kashmir, and Himachal Pradesh, the government pays the entire premium.

Additional Info:

• According to a study in 2018 by the Indian Council for Agricultural Research in the Indian Journal of Animal Sciences, wildlife such as elephants, boars and ‘neel gai’ herds, routinely eat or invade up to 30-50% of cereals and horticultural crop lands in 10 states.
• The Union cabinet on January 1 approved an extension to the PMFBY and Restructured Weather Based Crop Insurance Scheme till 2025-26 with an overall outlay of ₹69,515.71 crore.

Major Initiatives for Welfare of Farmers