Which scheme provides insurance to farmers against crop failure?
Show answer & explanation
Correct answer: B
Explanation
Answer: PMFBY.
Explanation:
The Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched by the Government of India on January 13, 2016. Its primary objective is to provide comprehensive insurance cover to farmers in the event of crop loss caused by natural calamities, pests, or diseases. According to the Ministry of Agriculture and Farmers Welfare, farmers are required to pay a very low premium under this scheme (2% for Kharif crops, 1.5% for Rabi crops, and 5% for commercial crops). The remaining portion of the premium is paid by the Central and State governments.
Additional Points:
RKVY: This is an assistance scheme aimed at the holistic development of agriculture, not for insurance purposes.
AIF: This provides credit facilities for post-harvest management in agriculture and for community farming assets.
The 'DigiClaim' module has been introduced under this scheme to expedite the claim settlement process.
Potential Exam Questions and Answers:
Question: What is the premium rate for Rabi crops under PMFBY?
Answer: 1.5%.
Question: Are post-harvest losses covered under PMFBY?
Answer: Yes (under specific conditions, such as cyclones or unseasonal rains).