With reference to ‘Pradhan Mantri Fasal Bima Yojana’, consider the following statements:1. Under this scheme, farmers will have to pay a uniform premi- um of two percent for any crop they cultivate in any season of the year.2. This scheme covers post-harvest losses arising out of cyclones and unseasonal rains.Which of the statements given above is/are correct?
✓ Correct answer: b) 2 only
ExplanationStatement 1 is incorrect: The Pradhan Mantri Fasal Bima Yojana (PMFBY) does not stipulate a uniform premium of two percent for all crops and seasons.The premium rates under the PMFBY are calculated based on the risk associated with each specific crop and region.Factors considered include the type of crop, the season in which it is grown, the historical yield data for the area, and the probability of various natural calamities.There- fore, farmers pay varying premium rates depending on these fac- tors, and the two percent figure is not a universal premium.The premium subsidy is shared between the Central and State gov- ernments.As per provisions of PMFBY guidelines, the premium share of the farmer is capped at 2% for Kharif crops, 1.5% for Rabi Crops and 5% for commercial/Horticultural cropsStatement 2 is correct: The PMFBY provides comprehensive coverage against crop losses, including losses incurred during the post-harvest period.Specifically, it covers losses arising from specific perils such as cyclones, unseasonal rains, hailstorms, and other natural calamities.This cover
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