PMFBY is third largest crop insurance scheme in the World

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Union Ministry of Agriculture and Farmers Welfare on 1 December reiterated that under Pradhan Mantri Fasal Bima Yojana (PMFBY), Government is committed to provide comprehensive insurance coverage against crop loss on account of non-preventable natural risks.

Pradhan Mantri Fasal Bima Yojana (PMFBY) is the third largest crop insurance scheme in the World and tipped to become number one in coming years as around 5 crore farmer applications are being received under the scheme every year. The acceptability of the scheme has increased amongst the farmers in the last 6 years, with share of non-loanee farmers, marginalized farmers and small farmers increasing by 282% since the initiation of the scheme in 2016.

In the last 6 years, Rs 25,186 crores have been paid by farmers as the premium, wherein Rs. 1,25,662 crores have been paid to the farmers against their claims as on 31st October, 2022 with Central and State Governments bearing most of the premium under the scheme.

While the implementing States are moving ahead with the enrolment of farmers under Rabi 22-23, a factually incorrect news report (as has been observed in the matter of the examined case) was published in some sections of the media stating that a paltry sum of insurance claims being paid to the farmers in certain districts of Maharashtra,