Subject:Economy, Schemes in news
The Pradhan Mantri Fasal Bima Yajana (PMFBY)
√Crop Insurance Scheme- The Pradhan Mantri Fasal Bima Yajana (PMFBY) successfully completes 5 Years of operations on 13th January 2021.
√It is an insurance service scheme for farmers for their yields.
√It aims to reduce the premium burden on farmers and ensure early settlement of crop assurance claim for the full insured sum.
√It was formulated in line with One Nation–One Scheme theme by replacing earlier two schemes National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS).
√The Scheme covers all Food & Oilseeds crops and Annual Commercial/Horticultural Crops for which past yield data is available and for which requisite number of Crop Cutting Experiments (CCEs) are being conducted under General Crop Estimation Survey (GCES).
√Implemented by: Empanelled general insurance companies.
√Administered by: Ministry of Agriculture
√The scheme is compulsory for loanee farmers availing Crop Loan /KCC account for notified crops and voluntary for others.
?focus area for prelims 2021:
√Aim of the scheme