PMFBY: Record Enrollment of 40 Million Farmers

Pradhan Mantri Fasal Bima Yojana (PMFBY) is the government-sponsored crop insurance scheme that integrates multiple stakeholders on a single platform. The scheme aims to provide financial support to farmers in case of crop failure due to natural calamities, pests and diseases. It also encourages farmers to adopt modern agricultural practices and enhance crop productivity.

PMFBY enrollment reaches an all-time high

According to the latest data from the agriculture ministry, PMFBY has enrolled a record 40 million farmers in 2023-24, an increase of 27% from the 31.5 million enrolled in 2022-23. This is the highest enrollment since the launch of the scheme in 2016. The previous highest enrollment was 34.8 million in 2016-17.

The increase in enrollment is attributed to various factors, such as:

• The revamping of the operational guidelines of the scheme in 2020, which made it more farmer-friendly and transparent.
• The use of technology, such as satellite imagery, drones, mobile apps and weather data, to improve the accuracy and speed of crop assessment and claim settlement.
• The awareness campaigns and outreach activities conducted by the government, insurance companies and other stakeholders to educate farmers about the benefits of the scheme.
• The impact of climate change and extreme weather events, which have increased the risk and uncertainty faced by farmers.

PMFBY attracts more non-loanee farmers

Another notable feature of PMFBY is the high share of non-loanee farmers in its enrollment. Non-loanee farmers are those who do not avail loans from banks or other financial institutions and opt for the scheme voluntarily. In 2023-24, out of 40 million enrolled farmers, 42% were non-loanee farmers. This is a significant increase from 39% in 2022-23 and 28% in 2016-17.

The higher participation of non-loanee farmers indicates that PMFBY is becoming more inclusive and accessible for all segments of farmers. It also reflects the growing trust and confidence of farmers in the scheme. Some of the reasons for the rise in non-loanee farmer enrollment are:

• The simplification of the online application process and premium payment module for non-loanee farmers through the PMFBY portal and mobile app.
• The availability of more crop insurance options and products for different crops and regions under PMFBY.
• The reduction of premium rates for non-loanee farmers to make the scheme more affordable and attractive.

PMFBY benefits millions of farmers

PMFBY has proved to be a boon for millions of farmers who have suffered crop losses due to natural calamities, pests and diseases. Since its inception, PMFBY has paid claims worth Rs 1.2 lakh crore to over 100 million farmers. The average claim ratio, which is the ratio of claims paid to premium collected, has been around 80%, indicating that the scheme is delivering on its promise.

PMFBY has also helped farmers to cope with the adverse effects of the Covid-19 pandemic, which disrupted agricultural activities and markets. The government extended the deadlines for enrollment and premium payment for PMFBY during the lockdown period. It also ensured timely claim settlement through digital means.

PMFBY is not only a financial safety net for farmers, but also a catalyst for agricultural transformation. It encourages farmers to adopt improved crop varieties, diversify their cropping patterns, invest in farm inputs and infrastructure, and enhance their productivity and income.

PMFBY is one of the flagship schemes of the government that aims to achieve the vision of doubling farmers’ income by 2022. With its record enrollment and performance, PMFBY is making a positive impact on the lives and livelihoods of millions of farmers across India.

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