PMFBY: Government allocates Rs.16,000 crores

 The Central Government has allocated Rupees 16,000 crores for the upcoming 2021-22 financial year for Pradhan Mantri Fasal Bima Yojana (PMFBY).

Highlights:

♦ This allocation is made to improve the safety of farmers’ crops. This amount will also ensure that farmers get the maximum benefit of crop insurance.

♦ Compared with the fiscal year 2020-21, this year's budget has increased by approximately Rs 305 Crore.

♦ Therefore, this shows that the government is committed to the development of the country's agricultural sector.

Beneficiaries:

♦ According to the scheme, more than 5.5 crore farmers applications are received on yearly basis to get the benefits. 

♦ Among all registered farmers, 84% are small and marginal farmers. Therefore, the scheme ensures that financial assistance is provided to the most vulnerable farmers.