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- Recently, the department of agriculture and farmers welfare furnished the figures in its report on Pradhan Mantri Fasal Bima Yojana to the Parliamentary Standing Committee on Agriculture’s report.
Major Findings
- For Farmers: Around 72.5 million farmers have benefited from the scheme between April 2016 and December 14, 2020.
- Private companies profit: Private enterprises have grown by more than 30 per cent in the last four years. Many businesses profit by 60 per cent to 70 per cent.
- Insurance companies fined: The scheme mandates that if the farmers do not get their claim within the specified time, the insurance companies must pay a penalty of 12 per cent interest.
Background
- The Parliamentary Standing Committee on Agriculture presented a report on Pradhan Mantri Fasal Bima Yojana and highlighted the major issues about the scheme. The Committee also made recommendations on this:
- Issues Highlighted:
- Delay in settlement of claims
- Withdrawal of states from the PMFBY
- Lack of coordination between the different stakeholders
- The scheme has no provision for establishing a profit-sharing Corporate Social Responsibility (CSR) fund.
- Lack of awareness among the farmers related to the scheme.
- Recommendations made by the committee:
- It called for local public representatives such as members of Parliament and legislative assemblies to be nominated in District Level Grievance Redressal Committees (DGRCs).
- This would ensure the accountability of concerned stakeholders and enhance the acceptability of PMFBY amongst farmers
- The ministry should also provide a toll-free number of three-four digits for queries regarding PMFBY, registration of complaints by farmers and information regarding action taken on their complaints.
- It called for local public representatives such as members of Parliament and legislative assemblies to be nominated in District Level Grievance Redressal Committees (DGRCs).
- It also urged the popularisation of the number and added that complaints were to be attended in a time-bound manner for effective implementation of PMFBY.
- Spend profits on CSR: The companies should spend a set amount of money on rural development under Corporate Social Responsibility (CSR).
- Andhra Pradesh, Telangana, Jharkhand, and Gujarat refused to participate in the plan for the 2020 Kharif season.
- The committee urged the Centre to find out their grievances.
Pradhan Mantri Fasal Bima Yojana
Objectives:
Implemented by:
Key Provisions:
Beneficiary: All farmers growing notified crops in a notified area during the season who have an insurable interest in the crop are eligible.
Achievements
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Source: DTH
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