economics hard MCQ

The 'PM Fasal Bima Yojana' (PMFBY) aims to provide comprehensive crop insurance to farmers. To reduce the burden on farmers, the premium rate for all Rabi crops is uniformly capped at:

  1. 1.5%
  2. 2%
  3. 3%
  4. 5%

Answer: 1.5%

Under PMFBY, the premium rates are heavily subsidized to ensure maximum farmer enrollment. The rates are capped at 2% for all Kharif crops, 1.5% for all Rabi crops, and 5% for annual commercial and horticultural crops. The remaining balance of the actuarial premium is borne equally by the Central and State Governments to protect farmers against yield losses.

Topic Indian Economy - Agriculture
Exam Relevance UPSC Prelims, SSC CGL, Railway
More economics Questions Back to all questions