Loan waivers derail Fasal Bima Yojana

Abstract

The Centre launched the Pradhan Mantri Fasal Bima Yojana (PMFBY) in January 2016. While crop insurance programmers in India have been in place for more than four decades, interest among farmers about insuring their crops has been low, which is reflected in the modest coverage level. According to latest data from NSSO, less than 10 per cent farmers insured their crops in the 2012-13 cropping year. With the launch of PMFBY, the government has bringing in IIMC Library Clipping Service: Opinion Pieces Source: News: Online: The Hindu Business line Dated: 07-12-2021 50 per cent of the cropping area under crop insurance. Budget allocation towards this scheme has increased substantially, and now covers as much as a third of the total budget of the department of agriculture.