Record Details

PRADHAN MANTRI FASAL BIMA YOJANA (PMFBY) – RISK MITIGANT TOOL FOR FARMERS AND BANKS

Sai Om Journal of Commerce & Management - National

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Title PRADHAN MANTRI FASAL BIMA YOJANA (PMFBY) – RISK MITIGANT TOOL FOR FARMERS AND BANKS
 
Creator More, Keshav
 
Subject Crop Insurance; NAIS; PMFBY; Unified Package Insurance Scheme (UPIS) Package; Challenges of PMFBY
 
Description Agriculture is backbone of Indian Economy. It contributes 14 % to Gross Domestic Product (GDP) & food to all Indians but the supplier of food to entire India (Farmer) is starved and deprived of Food, Shelter and Cloths and forced to attain the status of poor standard of living. Sometime failure of crop is forcing the farmer to choose the path of suicide due to intolerance and debt burden. The solution to the same was brought out by new Scheme launched by Government of India (GOI) called Pradhan Mantri Fasal Bima Yojana (PMFBY) and GOI allocated a fund of Rs. 5500 crore for effective implementation. Here, the farmers are given protection from failure of crop and other perils of farming assets and to mitigate the losses from unforeseen circumstances of climate change and other natural calamities. This scheme helps the farmer not only to sustain them in doing agricultural activities and also to go for alternative farming practices. The new crop insurance scheme is introduced with an objective to provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crop as a result of natural calamities; pests &diseases and also to stabilize the income of farmers to ensure their continuance in farming. It also encourages farmers to adopt innovative and modern agricultural practices & ensure flow of credit to the agriculture sector.
 
Publisher Sai Om Publications
 
Contributor —
 
Date 2016-03-27
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://abhinavjournal.com/journal/index.php/ISSN-2347-7563/article/view/977
 
Source Sai Om Journal of Commerce & Management: A Peer Reviewed National Journal (Online ISSN 2347-7563); Vol 3, No 3 (2016): Sai Om Journal of Commerce & Management: A Peer Reviewed National Journal (Online ISSN 2347-7563); 20-28
2347- 7563
 
Language eng
 
Relation http://abhinavjournal.com/journal/index.php/ISSN-2347-7563/article/view/977/pdf_34
 
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