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Start learning 50% faster. Sign in nowThe Agriculture Ministry announced that Andhra Pradesh has decided to rejoin the Pradhan Mantri Fasal Bima Yojana (PMFBY). When\ Andhra Pradesh decided to opt out, it had mentioned four reasons: first, the scheme should be voluntary; second, states should be given options to choose risk; third, the scheme should be universal, and the cut-off date for enrollment should be flexible; and fourth, the state should be given option to use their own database of E-crop, an application used by the AP government to collect information about crops. All these issues have been resolved now. Pradhan Mantri Fasal Bima Yojana provides a comprehensive insurance cover against failure of the crop thus helping in stabilizing the income of the farmers. The prescribed premium is 2% to be paid by farmers for all Kharif crops and 1.5% for all rabi crops. In the case of annual commercial and horticultural crops, the premium is 5%. Ministry: Ministry of Agriculture & Farmers Welfare Launch Year: 2016
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