1,428.26 Lakh Farmers Benefiting from PM Fasal Bima Yojana: Government Report
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New Delhi, Dec 10 (NationPress) The number of farmers included in the Pradhan Mantri Fasal Bima Yojana (PMFBY) has reached 1,428.26 lakh for the 2023-24 period, more than double the 617.33 lakh recorded in 2019-20, as stated by the Union government in Parliament on Tuesday.
Union Agriculture and Farmers' Welfare Minister Shivraj Singh Chouhan mentioned in a written reply that the area insured under this scheme has risen to 602.35 lakh hectares in 2023-24, compared to 572.04 lakh hectares in 2019-20.
In response to queries from Sandipanrao Bhumare and Gyaneshwar Patil, the Minister clarified that the PMFBY, which was launched during the Kharif season of 2016, is voluntary for both states and farmers.
According to the scheme's guidelines, the premium share for farmers is capped at 2% during the Kharif season and 1.5% for the Rabi season for food and oilseed crops, while it is 5% for commercial and horticultural crops in both seasons, as stated by Minister Chouhan in Lok Sabha.
The remaining premium is equally divided between the Central and state governments on a 50:50 basis, except for Northeastern and Himalayan states, where it is shared at a 90:10 ratio under specific conditions.
Some states have opted to cover the farmers' premium share from their state budgets, the Minister noted.
In a separate response, Minister Chouhan outlined several targeted interventions made by the government during its 100-day program aimed at boosting farmers' incomes.
Recent adjustments in the Agriculture Trade Policy include the removal of the Minimum Export Price for onions.
This decision is anticipated to enhance exports, along with the reduction of export duties from 40% to 20%, the Minister explained.
The elimination of the $950 per metric tonne Minimum Export Price for Basmati rice will now allow rice farmers to secure better prices for their premium products.
Additionally, the recent increase in effective import duties on crude oil (Palm, Soya, and Sunflower) from 5.5% to 27.5% and on refined oil from 13.75% to 35.75% is expected to benefit farmers, Minister Chouhan added.
