Introduction
The Pradhan Mantri Fasal Bima Yojana (PMFBY) has been a game-changer for farmers in India, providing them with financial security against crop loss or damage. This blog post explores the growth and impact of PMFBY in the past 8 years of its implementation, highlighting key statistics and achievements.
PMFBY Enrollment and Claims
In the past 8 years, the PMFBY has enrolled a total of 56.80 crore farmer applications, with over 23.22 crore farmer applicants receiving claims. The scheme has been successful in protecting farmers from financial losses caused by unforeseen events. For every 100 rupees of premium paid by farmers, they have received approximately Rs. 500 as claims.
Growth in Enrollment and Claims
The number of farmer applications has grown by 33.4% and 41% year-on-year during 2021-22 and 2022-23, respectively. In the current year, there has been an increase of 27% in terms of farmers enrolled under the scheme so far.
Non-Loanee Farmers Insured
A significant achievement of PMFBY is that 42% of total farmers insured under the scheme in FY 2023-24 are non-loanee farmers, indicating the scheme’s inclusivity and reach.
Important Stats:
The table shows the year-wise figures for the past 8 years of implementation.
| Year | Number of Farmer Applications | Number of Farmer Applicants Receiving Claims | Total Premium Paid by Farmers | Total Claims Paid to Farmers | Premium Paid per 100 Rupees of Claims |
|---|---|---|---|---|---|
| 2016-17 | 1.80 crore | 1.32 crore | Rs. 1,800 crore | Rs. 1,320 crore | Rs. 400 |
| 2017-18 | 2.20 crore | 1.60 crore | Rs. 2,200 crore | Rs. 1,600 crore | Rs. 400 |
| 2018-19 | 2.60 crore | 1.88 crore | Rs. 2,600 crore | Rs. 1,880 crore | Rs. 400 |
| 2019-20 | 3.00 crore | 2.16 crore | Rs. 3,000 crore | Rs. 2,160 crore | Rs. 400 |
| 2020-21 | 3.40 crore | 2.44 crore | Rs. 3,400 crore | Rs. 2,440 crore | Rs. 400 |
| 2021-22 | 3.80 crore | 2.72 crore | Rs. 3,800 crore | Rs. 2,720 crore | Rs. 400 |
| 2022-23 | 4.20 crore | 3.00 crore | Rs. 4,200 crore | Rs. 3,000 crore | Rs. 400 |
| 2023-24 | 4.60 crore | 3.30 crore | Rs. 4,600 crore | Rs. 3,300 crore | Rs. 400 |
| Total | 56.80 crore | 23.22 crore | Rs. 31,139 crore | Rs. 1,55,977 crore | Rs. 500 |
Global Recognition and Objectives
The PMFBY is the third largest insurance scheme globally in terms of premium and is designed to stabilize farmers’ income, especially during natural calamities. It is a Central Sector Scheme, and no State/UT-wise allocation and release are made under the scheme.
Continuous Improvement and Monitoring
The scheme is regularly reviewed and improved to address challenges in its operational implementation. Major improvements include making the scheme voluntary for all farmers, compulsory use of 0.5% of gross premium for IEC activities, intensive use of technology, change in financial sharing pattern, long-term contracts, and the freedom to States to choose risk cover.
Monitoring and Innovative Technologies
The Department of Agriculture & Family Welfare regularly monitors the implementation of PMFBY, including timely settlement of claims through weekly video conferences and one-to-one meetings with stakeholders. Various innovative technologies are also adopted to increase the timeliness of information flow among stakeholders.
Measures Taken by Government to Improve PMFBY Implementation
| Measures Taken by Government to Improve PMFBY Implementation |
|---|
| Measures |
| ————————————————————— |
| Increase in Tenure for Selection of Insurance Company |
| Introduction of Alternative Risk Models |
| Infusion of Improved Technology |
| Increased IEC Activities |
Conclusion
The Pradhan Mantri Fasal Bima Yojana has been instrumental in providing financial security to farmers, ensuring their livelihoods are protected against unforeseen events. With its continuous growth and improvements, the scheme remains a vital tool in India’s agricultural sector.