Pradhan Mantri Fasal Bima Yojana (PMFBY) or Fasal Bima Scheme is one of the most popular and famous schemes by the Indian government. Which offers financial security to farmers in case of crop failure due to natural disasters. It was launched in the Kharif season of 2016 and since then 27 states and union territories have successfully implemented the scheme, benefitting farmers across the nation.
However, several large states like Bihar, Telangana, Andhra Pradesh, Jharkhand, West Bengal, and Gujarat had withdrawn their names from the beneficiary list citing several reasons, including financial constraints. In the latest statement released by the agriculture ministry in parliament, “The department of agriculture is regularly persuading the non-implementing States to participate in the scheme by writing at the highest levels, in one-to-one meetings as well as national review conferences”.
As per the latest updates and media reports, states and Union Territories like Bihar, Telangana, Nagaland, Mizoram and Ladakh can re-join this scheme from the next Rabi season. The agriculture ministry is constantly making efforts to bring these states back into the scheme.
Pradhan Mantri Fasal Bima Yojana (PMFBY) Registered a Record Increase
Farmers have started showing faith in the scheme and have also received massive benefit from the scheme. There has been a massive increase in the enrollment of farmers under the scheme, which is now 32 per cent. This number has increased from 3.17 crores in 2022-23 to 4.19 crores in 2024-25. According to an official note, the number of farmers enrolled under the scheme in 2024-25 is the highest ever since its launch.
About the Pradhan Mantri Fasal Bima Yojana (PMFBY)
PMFBY aims at providing financial risk coverage from pre-sowing to post-harvest stages of crops, farmers pay a fixed premium of just 1.5% of the sum insured for rabi crops and 2% for kharif crops, while it is 5% for cash crops. The balance premium is equally shared between the Centre and states except for north-eastern states, where the premium is split in a 9:1 ratio between the Centre and states.