The Union budget for 2023-24 could come up with a cattle insurance scheme on the lines of the Pradhan Mantri Fasal Bima Yojana (PMFBY), the world’s largest crop insurance scheme in terms of farmer enrolment, according to official statements and statements by the agriculture minister in parliament.
The cattle insurance scheme could broadly work on the PMFBY architecture, wherein cattle owners may be asked to pay a minimal premium, with the remaining amount being shared equally by the Central and state governments, according to media reports.
As for PMFBY, the budgetary allocation is unlikely to see any significant increase in 2023-24.
PMFBY has been operational since 2016 and official data show that on average, 55 million applications are received for enrolment in the scheme each year. PMFBY ensures minimal financial burden on the farmer as she is obligated to pay only 1.5 percent and 2 percent of total premium for the Rabi and Kharif seasons respectively.