Prime Minister Narendra Modi on 18 February 2016 launched the guidelines for operationalization of the Pradhan Mantri Fasal Bima Yojana (PMFBY). The guidelines were issued at a farmers’ convention in Sherpur village of Madhya Pradesh.
The PMFBY is a path breaking scheme for crop insurance and was approved by the Union Cabinet on 13 January 2016.
The Yojna will come into force from the 2016 Kharif season (from June to October in India). It aims at boosting the agricultural sector of India and envisages a uniform premium of only 2 percent to be paid by farmers for Kharif crops, and 1.5 percent for Rabi crops. The premium for annual commercial and horticultural crops will be 5 percent.
On the occasion, the Prime Minister Modi also presented a trophy of Krishi Karman Award to Chief Minister Shivraj Singh Chouhan. On the other hand, Modi was conferred with Kisan Mitra and Kisan Hiteshi Samman on behalf of Madhya Pradesh government for his historic decisions in the interest of farmers’ community.
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