Revamping of Pradhan Mantri Fasal Bima Yojana

On 18th October, 2021, the government constituted a working group with the aim of rolling out an overhauled Pradhan Mantri Fasal Bima Yojana (PMFBY) from kharif season 2022 and to suggest “sustainable, financial and operational models.

Need

  • The move comes after many states quit the scheme, defeating the objective of protecting farmers’ income.
  • Further, no other scheme than PMFBY will ensure a stable income during calamities.

Task Assigned to Working Group

  • Work on Premium: The working group will find out reasons for high premium rates and suggest mechanism to rationalize them including the option of creating a risk pool.
  • Define Role ....
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