Write a monologue/Speech on Prime Minister’s Fasal Bima Yojna (PMFBY) 2022

Solution:

The PMFBY or the Pradhan Mantri Fasal Bima Yojna was launched on 18th February 2016 by Prime Minister Shri Narendra Modi at Sehore, Madhya Pradesh. To start with, 21 states implemented the scheme in Kharif 2016 and then 23 states and 2 UTs implemented the scheme in Rabi 2016-17. The scheme is actually a comprehensive insurance cover against failure of the crop. This is  to stabilise the income of the farmers. The Scheme covers all Food & Oilseeds crops and Annual Commercial/Horticultural Crops for which past yield data is available. The scheme is implemented by empanelled general insurance companies.The scheme is being administered by Ministry of Agriculture. Till date over 36 crore farmer applications have been insured under PMFBY, with over INR 1,07,059 crores of claims have already been paid under the scheme as of 4th February, 2022. The scheme is definitely a blessing to Indian farmers.