Pradhan Mantri Fasal Bima Yojana (#PMFBY) is a flagship scheme of Government of India in line with the тАШOne Nation - One SchemeтАЩ theme to promote sustainable agricultural practices and farmersтАЩ welfare. Through the current scheme, the Government aims to provide financial support to the farmers suffering crop loss or damage due to unforeseen events and stabilising their income to ensure continuity in farming for them.
The scheme promotes the culture of insurance within the farming community and build their capacity to safeguard their investment and income against potential natural disasters and calamities. It also aims to encourage farmers to adopt innovative and progressive farming practices as well as increase flow of credit within the agricultural business. The scheme not only protects the farmers from the production risks but also contributes to food security, crop diversity, as well as facilitates growth and competitiveness in the agricultural sector.