What percentage of insured area has increased under the PradhanMantriFasalBimaYojana (PMFB

Solution

In FY24, the insured area under the PradhanMantriFasalBimaYojana (PMFBY) increased by 19%, from 500 lakh hectares to 600 lakh hectares. This increase indicates greater farmer participation and improved coverage under the crop insurance scheme. Important Points: • Objective: To provide crop insurance coverage to farmers against natural calamities, pests, and diseases. • Launch Year: 2016 • Nodal Ministry: Ministry of Agriculture and Farmers Welfare • Implementing Agency: Public and Private Insurance Companies, State Governments • Key Benefits: o A 19% increase in insured area, reflecting enhanced participation and coverage. o Lower premiums and better coverage options for farmers. o The scheme covers both food crops and horticultural crops. • Impact: Improved risk management for farmers, providing financial support in case of crop failure.