Question : The Pradhan Mantri Fasal Bima Yojana provides insurance coverage for which sector?
Option 1: Industrial workers
Option 2: Farmers
Option 3: Self-employed individuals
Option 4: Government employees
Correct Answer: Farmers
Solution : The correct answer is (b) farmers.
The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Government of India. It aims to provide financial protection to farmers against crop losses due to natural calamities, pests, diseases, and other risks.
Under PMFBY, farmers are eligible to obtain insurance coverage for their crops by paying a nominal premium. The scheme covers all stages of the crop cycle, from sowing to post-harvest, and provides compensation to farmers in case of crop failure or yield losses.
The insurance coverage provided by PMFBY helps farmers mitigate the financial risks associated with agricultural activities. It provides them with a safety net and supports them in recovering from crop losses, thereby safeguarding their livelihoods and ensuring their economic stability.
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