The Central government will release Rs 3,200 crore installment of Pradhan Mantri Fasal Bima Yojana. This is the first installment given to farmers, with Rs 8,000 crore to be released later, Union Agriculture and Farmers Welfare Minister Shivraj Singh Chouhan said. In natural disasters, crops get destroyed, and when that happens then it is not just the crops which get destroyed but the lives of farmers too, so for that the Prime Minister made Pradhan Mantri Fasal Bima Joyana, which became a boon for all the affected farmers.
This scheme has become a boon for disaster-affected farmers. To ensure farmers receive funds on time, we have decided that if an insurance company fails to deposit the money within the stipulated time frame after a claim, it will have to pay 12% interest, which will go directly to the farmer’s account. The scheme, launched in 2016, offers a comprehensive shield against crop losses caused by unpredictable natural hazards. This protection not only stabilises farmers’ income but also encourages them to adopt innovative practices.
Presentation -Dibyabharati Nayak