The UP government has transferred Rs 3,074.60 crore in the bank accounts of 27.59 lakh farmers as compensation on account of crop insurance under the Pradhan Mantri Fasal Bima Yojana (PMFBY).
PMFBY is an ambitious scheme of the Central government that provides farmers with coverage and financial assistance in the event of crop failure due to natural disasters, pests, or diseases. PMFBY, launched in 2016-17, is globally the largest crop insurance scheme in terms of farmer participation and third largest in terms of premium.
There will be a uniform premium of only 2% to be paid by farmers for all Kharif crops and 1.5% for all Rabi crops. In case of annual commercial and horticultural crops, the premium to be paid will be only 5%. This scheme has given great relief to the farmers. The UP government has implemented this scheme at the gram panchayat level in all the districts of the state.
In this scheme, crop insurance for the farmers obtaining agriculture loan is compulsorily included while for the rest of the farmers, the scheme is voluntary.
During the tenure of the Yogi government, a total of 281.25 lakh insured farmers have got insurance for their crops. A compensation of Rs 3074.60 crore has been paid to 27.59 lakh farmers.
It also includes payment of crop compensation of Rs 654.85 crore to 7.02 lakh farmers in Kharif season 2021. In Rabi season 2021-22, an area of 14.21 lakh hectares has been insured by 19.90 lakh farmers, the process of compensation for which is going on.