Chief Minister Revanth Reddy has reiterated his government's commitment to strengthening the agriculture sector by standing firmly in support of farmers. The state administration has taken the decision to rejoin the 'Pradhan Mantri Fasal Bima Yojana' (PMFBY) with the aim of safeguarding farmers from adversities in the farming sector.
Chief Minister Revanth Reddy, State Agriculture Minister Tummala Nageswara Rao, and PMFBY CEO, and Union Joint Secretary Ritesh Chauhan, met yesterday at the State Secretariat as a major step towards achieving this goal. Discussions during the meeting revolved around Telangana's participation in PMFBY from 2016 to 2020 and the circumstances surrounding the state's withdrawal from the scheme during that period.
With Telangana's re-entry into the scheme, farmers can expect to receive crop insurance coverage starting from the next crop season. Chauhan expressed confidence that farmers will reap the benefits of PMFBY, including timely compensation in the event of crop loss. Emphasizing the government's commitment to farmer-centric policies, CM Reddy affirmed that prioritizing the implementation of such policies is integral to the overall development agenda of the state.
What is PMFBY
PMFBY stands as a crucial government initiative in India, designed to offer financial support to farmers facing the brunt of crop loss. Launched in 2016 by the Ministry of Agriculture and Farmers' Welfare, this scheme is strategically crafted to ease the impact of natural calamities, pests, and diseases on agricultural yields. Implemented through a collaborative effort involving insurance companies and banks, PMFBY stands as the largest agricultural insurance program globally. Its reach extends to over 50 crore farmers, providing comprehensive coverage across more than 50 different crops. This initiative plays a key role in safeguarding the livelihoods of countless farmers, offering them a crucial safety net in the face of adversity.
The meeting witnessed the participation of key officials, including Chief Secretary of the State Finance Department Ramakrishna Rao, Secretary to the Chief Minister Chandrashekhar Reddy, Secretary of the State Agriculture and Cooperation Department Raghunandan Rao, Director of the Agriculture Department Gopi, and others.
