Pradhan Mantri Fasal Bima Yojana

Pradhan Mantri Fasal Bima Yojana (PMFBY) is a government-sponsored crop insurance scheme in India designed to protect farmers from financial losses caused by crop failures due to natural calamities, pests, or diseases. Under this scheme, farmers pay a nominal premium, and the government covers the remaining risk, ensuring timely compensation if crops are damaged. The goal is to promote secure farming practices, improve financial stability for farmers, and encourage investment in agriculture by reducing the risk of loss. The scheme initially launched in 2016 and aims to make crop insurance more affordable and accessible.