PMFBY stands for Pradhan Mantri Fasal Bima Yojana, which is a crop insurance scheme in India launched by the government to protect farmers against crop losses due to natural calamities and other unforeseen events.
The scheme provides financial support to farmers in the event of crop damage and helps them recover their losses. PMFBY covers a wide range of crops, including food crops, oilseeds, and horticultural crops, and it is available to all farmers, regardless of the size of their landholding or type of farming.
The scheme is implemented through a partnership between the government, insurance companies, and banks and aims to reduce the financial burden on farmers in the event of crop failure.
