The government of Jammu and Kashmir introduced Pradhan Mantri Fasal Bima Yojana in the state to help the farmers. Under this scheme government provide insurance on the crop which will provide financial benefits to the farmers. The farmers of our country faced many difficulties due the natural calamities and disasters. The farmers losses their complete crops due to these difficulties and they have no chance to recovered his crops.
Many farmers suicide due to natural calamities, disasters and failure of crop, the PMFBY scheme provide insurance remove these problems.
The Pradhan Mantri Fasal Bima Yojana was launched by Rajnath Singh, Union Home Minister on 13 January 2016 in the presence of Farmers Welfare and Union Minister of Agriculture.
This scheme boost the India’s agriculture sector and provide the benefits to the farmers. The target of this scheme is to achieve 50% of crop under insurance in 3 years and the financial liability is expected Rs. 880 crore.
In the first phase 2016 to 17 the 7 crops has been selected under 25% areas for inclusion in this scheme. These seven crops include saffron, paddy,apple, wheat, oil seeds and maize. The coverage of crop is targeted according to the division in the Jammu maize, mango, wheat and paddy will be insured and in the Kashmir division maize, oil seeds, apple, saffron and paddy will be ensure.
The amount of Rs. 35,000 has been assured for the paddy and 110000 per hectares from J&K divisions. The amount of Rs. 30,000 would be assured for the maize and 64,000 per hectares for J&K divisions.