The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Government of India in 2016, aimed at providing financial protection to farmers in the event of crop loss caused by natural calamities such as droughts, floods, cyclones, pest infestations, and diseases. Implemented by the Ministry of Agriculture and Farmers Welfare, the scheme seeks to stabilize farmers' incomes, ensure the continuity of farming operations, and encourage farmers to adopt modern agricultural practices. Under this scheme, farmers have the opportunity to pay insurance premiums at extremely low rates with the remaining cost being jointly borne by the Central and State governments and it covers every stage of crop production, ranging from sowing to the post harvest period.
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