Inadequate cover

Five years on, PMFBY still suffers from multiple flaws

The government’s flagship scheme for crop insurance, the Pradhan Mantri Fasal Bima Yojana (PMFBY), is yet to overcome hiccups despite having completed five years of existence and undergone a thorough revamp in February 2020. It continues to suffer from multiple structural and operational flaws that undermine its utility for the farmers, regardless of its several unique features. The most noteworthy among these is its comprehensive coverage of risks, right from prevented sowing to post-harvest loss of the produce, at a nominal premium of 1.5 per cent of the sum insured for rabi crops and 2 per cent for kharif crops.