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PMFBY: Tech revamp boosts govt's crop insurance scheme, yields results

The Cabinet also decided that when states engaged any insurance company for PMFBY, the insurer would have to stay enrolled for at least three years, against the earlier provision of one to three years

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10 min read Last Updated : Nov 27 2023 | 10:39 PM IST

In the early days of the government’s marquee crop insurance scheme, the Pradhan Mantri Fasal Bima Yojana (PMFBY), its dominant image showed farmers holding aloft claim settlement cheques of amounts as low as Rs 1. Regardless, the scheme had a rough start, amid insinuations that private insurance companies could be its biggest beneficiaries.

Unsurprisingly, in February 2020, more than three years after the scheme’s launch, the Union Cabinet made it optional for loanee farmers, in line with the National Democratic Alliance’s 2019 election promise. The Cabinet effected other changes to make it more farmer-friendly, such as capping the central subsidy

Topics : PMFBY crop loss Crop Yields crop insurance schemes crop insurance policy crop insurance

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