Pmfby: Q3

Q3. Objective of PMFBY ? Ans: Pradhan Mantri Fasal Bima Yojana ( PMFBY ) aims at supporting sustainable production in agriculture sector by way of - a) providing financial support to farmers suffering crop loss/damage arising out of unforeseen events b) stabilizing the income of farmers to ensure their continuance in farming c) encouraging farmers to adopt innovative and modern agricultural practices d) ensuring flow of credit to the agriculture sector; which will contribute to food security ... PMFBY is a government-sponsored scheme that provides insurance coverage and financial support to farmers against crop loss due to natural calamities, pests and diseases. It has low premium rates, no upper limit on government subsidy, and uses technology to reduce claim settlement delays. Pradhan Mantri Fasal Bima Yojana ( PMFBY ) Launch: 2016 Pradhan Mantri Fasal Bima Yojana ( PMFBY ) aims to support production in agriculture by providing affordable crop insurance to ensure comprehensive risk cover for crops of farmers against all non-preventable natural risks from pre-sowing to post-harvest stage, on an ‘Area Approach Basis’. PMFBY is a scheme that provides insurance cover to farmers for their crops against natural calamities. It integrates farmers, insurance companies, banks, and other stakeholders on a single platform.