Saturday, June 15, 2024
HomeTrendsFasal Bima 2023 enrollment dates are extended by the government

Fasal Bima 2023 enrollment dates are extended by the government

Fasal Bima 2023 enrollment dates are extended by the government

Due to a delay in delivering the notice and the use of new technologies, the government has extended the deadline for farmer enrollment in the redesigned Pradhan Mantri Fasal Bima Yojana (PMFBY) for Kharif 2023 up to August 16, 2023, throughout 15 states and union territories.

An official message notes that the enrollment period for farmers in Uttar Pradesh, Maharashtra, Odisha, Madhya Pradesh, Rajasthan, and Chhattisgarh has been extended by a few days to a fortnight to allow for more excellent crop insurance coverage.

Deadline extended for crop insurance enrollment to Aug 16 - The Hindu  BusinessLine

The enrollment deadline in Rajasthan and Uttar Pradesh has been extended until August 10. According to a message, the revised enrollment deadline for Madhya Pradesh and Chhattisgarh is August 16. Farmers in Odisha and Maharashtra can sign up for PMFBY between Thursday and Saturday.

Compared to 17.9 million farmers in 2022, 12.5 million have signed up under PMFBY during the Kharif season.

The newly released PMFBY rules include digital land records, farm-level season-wise crop data, farm-level farmer’s KYC, and API-based data interchange to “universalize” the project. The revamped crop insurance programme will also strongly emphasize deploying artificial intelligence (AI) based technology for fast assessment of crop production data and quicker claim settlement.

The claim-premium ratio, which was 99% in 2018–19, dropped to 65% in 2021–2022; claims for FY22 are still being resolved.

Compared to estimated claims of $1.33 trillion since the PMFBY’s debut in Kharif 2016, the gross premium collected until the end of FY22 was around Rs 1.7 trillion. Farmers paid a compensation of Rs 25,181 crore from 2016–17 to 2021–22; the government covered the remaining amount.

Meghalaya Govt Extends 100% Subsidy for Crop Insurance – News Experts

Under PMFBY, farmers’ premium is set at merely 1.5% of the amount covered for rabi crops, 2% for Kharif crops, and 5% for cash crops. In the case of North-Eastern states, the premium is split between the Centre and conditions in a 9:1 ratio. The remaining compensation is distributed evenly between the Centre and the states.

The government will implement PMFBY in 2023–2024 with funds totalling $13.625 billion.

The government’s decision to extend the enrolment dates for the Fasal Bima Yojana (Crop Insurance Scheme) for 2023 is a significant relief to farmers nationwide. The scheme aims to mitigate the risks associated with agricultural activities by providing financial support to farmers in case of crop failure or damage.

The Pradhan Mantri Fasal Bima Yojana (PMFBY) was introduced in 2016 to provide farmers with a comprehensive crop insurance program. The aim is to give farmers insurance coverage and financial support during unforeseen events, such as natural calamities, pests, and diseases, which may lead to poor crop yield.

Govt Allocates Rs 16k Cr for Pradhan Mantri Fasal Bima Yojana, 2021-22 -  Equitypandit

The enrolment extension for Fasal Bima 2023 offers farmers additional time to register for the scheme.

Unforeseen weather patterns might have caused a delay in the agricultural cycle, prompting the government to offer more time for enrolment.

Difficulties accessing online enrolment platforms in rural areas might necessitate an extension to ensure all eligible farmers can enrol.

In case of ongoing crises like pandemics or natural disasters, an extension might be provided to accommodate the disruption to everyday agricultural practices.

The extension would likely lead to more farmers being covered under the scheme, thus offering broader protection against agricultural risks.Authorities responsible for implementing the scheme may need to make administrative changes to accommodate the new timeline.

PM Kisan, Kisan Credit Card, and 4 other beneficial govt schemes for  farmers - The Economic Times

Depending on the number of new enrolments, there might be additional financial considerations for both the government and the insurance providers involved.

The extension of enrolment dates for Fasal Bima 2023 reflects the government’s commitment to supporting the agricultural sector. By offering additional time for farmers to enrol, the scheme ensures that more farmers can avail themselves of this essential financial safety net. Such initiatives underscore the importance of agriculture in the economy and the need for robust policies to protect those most vulnerable to unforeseen risks and challenges in farming.



Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

- Advertisment -

Most Popular

Recent Comments