What is the percentage increase or decrease in budget allocation for Pradhan Mantri Fasal Bima Yojana in the budget 2022-2023 when compared to the previous year's (2021 - 2022) budget estimate?
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RRB Officer Scale-I Mains (1st Oct 2022)
3 percent increase
Incorrect Answer3 percent decrease
Correct Answer5 percent decrease
Incorrect Answer10 percent increase
Incorrect Answer10 percent decrease
Incorrect AnswerExplanation:
- The Pradhan Mantri Fasal Bima Yojana (PMFBY) is India's flagship crop insurance scheme aimed at supporting farmers against crop losses.
- For the fiscal year 2021-2022, the budget allocation for PMFBY was estimated at Rs 16,000 crore.
- In the fiscal year 2022-2023, the budget allocation was reduced to Rs 15,500 crore.
- The difference in budget allocation is Rs 500 crore less than the previous year. (3 % decrease )
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By: Parvesh Mehta