With reference to Pradhan Mantri Fasal Bima Yojna (PMFBY), consider the following statements:
1. Its objective is to provide insurance coverage and financial support to the farmers for all types of crop.
2. It is given to encourage farmers to adopt innovative and modern agricultural practices.
3. It is mandated to be implemented on an ‘Area Approach’ basis for each notified crop.

Which of the statements given above is/are correct?
(a) 1 and 3 only
(b) 2 and 3 only
(c) 1, 2 and 3
(d) 1 and 4 only

Question

With reference to Pradhan Mantri Fasal Bima Yojna (PMFBY), consider the following statements:
1. Its objective is to provide insurance coverage and financial support to the farmers for all types of crop.
2. It is given to encourage farmers to adopt innovative and modern agricultural practices.
3. It is mandated to be implemented on an &lsquo;Area Approach&rsquo; basis for each notified crop.

Which of the statements given above is/are correct?
(a) 1 and 3 only
(b) 2 and 3 only
(c) 1, 2 and 3
(d) 1 and 4 only

ONLiNE UPSC · Accepted Answer

Statement 1 is not correct: Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched on 18 February 2016 that provides financial support to farmers in India. The scheme is implemented by banks and insurance companies. The objectives of the scheme are:
● To provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crops as a result of natural calamities, pests & diseases.
● To stabilize the income of farmers to ensure their continuance in farming.

Statement 2 is correct: Other objectives of the scheme are to encourage farmers to adopt innovative and modern agricultural practices and to ensure the flow of credit to the agriculture sector.

Statement 3 is correct: The Scheme shall be implemented on an &lsquo;Area Approach basis&rsquo; i.e., Defined Areas for each notified crop for widespread calamities with the assumption that all the insured farmers, in a Unit of Insurance, to be defined as &lsquo;Notified Area&rsquo; for a crop, face similar risk exposures.

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Pradhan Mantri Fasal Bima Yojna (PMFBY)

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M Question 1	⏱ 0
With reference to Pradhan Mantri Fasal Bima Yojna (PMFBY), consider the following statements: 1. Its objective is to provide insurance coverage and financial support to the farmers for all types of crop. 2. It is given to encourage farmers to adopt innovative and modern agricultural practices. 3. It is mandated to be implemented on an ‘Area Approach’ basis for each notified crop. Which of the statements given above is/are correct? (a) 1 and 3 only (b) 2 and 3 only (c) 1, 2 and 3 (d) 1 and 4 only