Q. Consider the following statements regarding “Pradhan Mantri Fasal Bima Yojana (PMFBY)”:
1.It was launched in the 2016 Kharif season to provide comprehensive insurance coverage to farmers in case of crop failure, helping stabilise their incomes.
2.The scheme is implemented through empanelled general insurance companies.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C
Notes:

Explanation: PMFBY was launched in the 2016 Kharif season to provide comprehensive insurance coverage to farmers in case of crop failure, helping stabilise their incomes. The scheme is implemented through empanelled general insurance companies.

  • It is modified/revamped on a timely basis considering the prevailing policy regime and requirement of policy intervention in crop insurance in the country.
  • The Scheme covers all Food & Oilseeds crops and Annual Commercial/Horticultural Crops for which past yield data is available and for which the requisite number of Crop Cutting Experiments (CCEs) are being conducted under the General Crop Estimation Survey (GCES).
  • The revamped Scheme w.e.f Kharif 2020 has many features, which include voluntary participation for all farmers, selection of Insurance Companies by the States for 3 years in a go, a two-step process of crop yield estimation, use of smart sampling technique through satellite data for crop cutting experiments, etc.

Source: Economic Survey 2023