Q. Consider the following statements regarding PMFBY (Pradhan Mantri Fasal Bima Yojana):
1.It provides financial support to farmers suffering crop loss or damage arising out of unforeseen events.
2.All farmers including sharecroppers and tenant farmers are eligible for this scheme.
Which of the statements given above is/are correct?
Explanation: PMFBY aims at supporting sustainable production in agriculture sector by way of:
- Providing financial support to farmers suffering crop loss/damage arising out of unforeseen events.
- Stabilizing the income of farmers to ensure their continuance in farming.
- Encouraging farmers to adopt innovative and modern agricultural practices.
- Ensuring credit worthiness of the farmers, crop diversification and enhancing growth and competitiveness of agriculture sector besides protecting the farmers from production risks.
All farmers including sharecroppers and tenant farmers growing notified crops in a notified area during the season who have insurable interest in the crop are eligible. Initially, it was compulsory for loanee farmers. However, now it has been made voluntary for all farmers, including loanee farmers.
Source: TMH Ramesh Singh