Modifications to Pradhan Mantri Fasal Bima Yojana (PMFBY)
Union Agriculture Minister Shivraj Singh Chouhan has recently announced significant changes to the Pradhan Mantri Fasal Bima Yojana (PMFBY). These modifications come in response to an experience with the previous government in Andhra Pradesh, emphasizing the protection of farmers.
Background of the Changes
Minister Chouhan highlighted how the Modi government transformed the National Agricultural Insurance Scheme (NAIS) into the PMFBY. The main focus was on ensuring quick settlements of farmer claims within 21 days. However, an issue arose in Andhra Pradesh that led to the recent policy alterations.
“In Andhra Pradesh, the state government failed to contribute its share towards the premium for three consecutive years, resulting in farmers being deprived of their rightful crop insurance benefits,” Chouhan explained.
Key Changes in PMFBY
Under the revised PMFBY, the Union Government will now cover its share of the crop insurance premium, regardless of the state government’s contribution. This change aims to eliminate any delays or denials of insurance benefits to farmers.
To ensure accountability, Minister Chouhan introduced a penalty mechanism. States failing to pay their share will face a 12% interest charge, with the amount credited directly to farmers’ accounts. This penalty ensures that farmers are not affected by state-level inaction.
Protecting Farmers’ Interests
The policy shift in PMFBY is a crucial step to safeguard farmers from bureaucratic delays and political discrepancies at the state level. It guarantees farmers timely and continuous access to essential crop insurance benefits.
These changes signal the government’s commitment to supporting farmers and ensuring their financial security in times of need.
