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Punjab is set to join the Pradhan Mantri Fasal Bima Yojana ( PMFBY ) scheme, seeking to compensate farmers against crop losses due to extreme weather events . Initially the state would opt to cover cotton and soybean growing farmers and subsequently other crops will be added . The Pradhan Mantri Fasal Bima Yojna was launched on 18th February 2016 by Prime Minister Shri Narendra Modi . PMFBY provides a comprehensive insurance cover against failure of the crop thus helping in stabilising the income of the farmers . The Scheme covers all Food & Oilseeds crops and Annual Commercial / Horticultural Crops for which past yield data is available and for which requisite number of Crop Cutting Experiments ( CCEs ) are conducted under General Crop Estimation Survey ( GCES ). The scheme is implemented by empanelled general insurance companies .
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