Meghalaya Govt Announces 100 % Free Premium Support for Farmers Under PMFBY Crop Insurance Scheme

In a significant move to safeguard the interests of farmers and protect them against the uncertainties of crop failure, the state government of Meghalaya has announced a free premium support program under the Pradhan Mantri Fasal Bima Yojana (PMFBY) Crop Insurance Scheme. With the aim of providing financial relief to farmers during the 2023-24 Kharif and Rabi seasons, the state government will cover 100 percent of the premium amount, amounting to Rs. 4.4 crores. This initiative reflects the government's commitment to a farmer-centric approach and its dedication to supporting the agricultural community.

Recognizing that agriculture plays a vital role in Meghalaya, where over 80 percent of the population relies on farming, the free premium support offers a much-needed safety net to farmers in the event of crop failure. By assuming the responsibility of paying the premium, the state government aims to stabilize farmers' incomes and alleviate their financial burden in times of distress.

The PMFBY has been operational in Meghalaya since its inception in the Kharif season of 2016. The primary objective of the scheme is to provide financial assistance to farmers affected by unforeseen natural calamities and events leading to crop loss or damage. Under the scheme, farmers typically contribute a premium of 2 percent for Kharif crops, 1.5 percent for Rabi crops, and 5 percent for horticultural crops. However, with the recent revamp of the scheme, the subsidy-sharing ratio shifted to 90:10, with the government bearing a majority of the premium burden.

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Efforts are underway by the Department of Agriculture and Farmers' Welfare, in collaboration with the Agriculture Insurance Company, to popularize the PMFBY scheme and encourage greater farmer participation. The implementing agency conducts awareness programs mandated by the scheme to educate farmers about the benefits and enrollment process. By setting an enrollment target of 27,000 farmers for the Kharif season of 2023 and 10,000 farmers for the Rabi season of 2023-24, the government aims to reverse the low enrollment numbers seen in the state so far.

The estimated Rs. 4.4 crores premium support guarantee from the Government of Meghalaya is expected to instill confidence among farmers and alleviate concerns regarding crop damage or failure. By relieving a significant section of farming households from the risks associated with agriculture, this initiative will contribute to the overall stability and prosperity of the state's agricultural sector.

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The Meghalaya state government's decision to provide free premium support to farmers under the PMFBY Crop Insurance Scheme marks a significant step towards protecting the interests of the agricultural community. By assuming the responsibility of paying the premium, the government aims to mitigate the financial risks associated with crop failure, providing a safety net for farmers and promoting a sustainable agricultural sector. This initiative will not only increase farmer enrollment but also reinforce the state's commitment to the welfare and prosperity of its farming community.

source-ANI

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