The Pradhan Mantri Fasal Bima Yojana (PMFBY) has successfully entered its seventh year of implementation with the upcoming Kharif 2022 season, completing six years of its implementation since its announcement on 18 February 2016 by PM Narendra Modi. More than 36 crore farmer applications have been insured under PMFBY, with over INR 1,07,059 crores of claims have already been paid under the scheme as of 4th February, 2022.A flagship scheme of the Central Government, Pradhan Mantri Fasal Bima Yojana aims to provide financial support to farmers suffering crop loss or damage arising out of natural calamities.
Source- Krishi Jagran
