Union Budget 2021: The government of India has has allotted Rs 16,000 crores for Pradhan Mantri Fasal Bima Yojana (PMFBY) for the financial year 2021-22 to support the security of farmers’ yields and to guarantee that most extreme advantage of crop insurance is availed by the farmers.
“This is a budgetary increase of around Rs 305 crore as against the previous fiscal year 2020-21, which reiterates the government’s commitment towards the growth of agriculture sector in the country,” the Union farmers-welfare Ministry of Agriculture and Farmers Welfare said in a press statement.
The plan expands inclusion for the whole trimming cycle from pre-planting to post-harvest including inclusion for misfortunes emerging out of forestalled planting and mid-season difficulties.
The Union government had approved the crop insurance scheme on January 13, 2016.
