Farmers Receive Rs 3,200 Crore Boost as Pradhan Mantri Fasal Bima Yojana Marks Nine Years

The Central government is set to disburse Rs 3,200 crore as the initial installment of the Pradhan Mantri Fasal Bima Yojana to farmers from Monday. Announcing the package on X, Union Agriculture Minister Shivraj Singh Chouhan confirmed that an additional Rs 8,000 crore would be distributed at a later date.

In his post, the minister highlighted the government's commitment to penalizing insurance companies with a 12% interest fee on delayed payouts, ensuring that this penalty is passed on to the affected farmers. The initiative reflects efforts to support approximately 30 lakh farmers grappling with natural calamities.

Minister Chouhan underlined the importance of the scheme's role as a lifeline for farmers in distress. He urged farmers to report any grievances related to the scheme directly to him, reaffirming the government's dedication to farmers' welfare.

The scheme, celebrating its nine-year milestone on February 18, 2025, offers a robust safety net against natural disasters, stabilizing incomes and encouraging innovation. Approved by the Union Cabinet until 2025-26 with a budget of Rs 69,515.71 crore, the scheme has seen significant uptake among non-loanee farmers.

(With inputs from agencies.)