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Tuesday, August 8

Compensation better in Pradhan Mantri Fasal Bima Yojana(PMFBY) says TN Farmers.

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TNPSC Current Affairs -August 2017 by TNPSC Guru

Drought hit areas of Delta region in Tamil Nadu gets better compensation comparing to 2012 says Farmers. Earlier in 2012 Government has given compensation for the crops suffered over 50% loss but under the new Insurance scheme Pradhan Mantri Fasal Bima Yojana (PMFBY)compensation has provided for the crops suffered over 33 % loss.

About PMFBY:
  • Pradhan Mantri Fasal Bima Yojana (PMFBY) is the new crop insurance Scheme launched in Jan 2016 with the ojective of sustainable production in agriculture field by providing financial support during crop loss or damage, encouraging farmers to adopt modern technology and innovation, stabilizing farmers income, ensuring the credit flow and more.           
  • As per the new scheme farmers has to pay only 2% of the sum insured for Kharif crops, 1.5% sum insured for Rabi crops and 5 % for Horticulture and cash crops.  
  • Previously farmers used to pay 15% of sum insured as premium under National Agricultural Insurance scheme and the modified National Agricultural Insurance scheme. The PMFBY has replaced both old schemes.
  •  Both Central and state government will borne the subsidy equally under PMFBY.

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