The correct answer is: Crop insurance to farmers.
Pradhan Mantri Fasal Bima Yojana (PMFBY) is a government-sponsored crop insurance scheme in India. It was launched in 2016 with the objective of providing financial assistance to farmers in the event of crop failure due to natural calamities. The scheme is voluntary and open to all farmers who own land up to 2 hectares.
Under PMFBY, farmers are insured against losses due to drought, flood, hailstorm, fire, cyclone, earthquake, and other natural calamities. The premium for the scheme is paid by the government and the farmer, with the government share being 60% and the farmer share being 40%.
The scheme has been successful in providing financial assistance to farmers who have suffered crop losses. In the first three years of its operation, the scheme has paid out over â¹1 lakh crore (US$1.3 billion) in claims to farmers.
The other options are incorrect because:
- Subsidy on fertilizers is provided under the Pradhan Mantri Krishi Sinchai Yojana (PMKSY).
- Loans for agricultural equipment are provided under the Kisan Credit Card (KCC) scheme.
- Minimum support price for crops is determined by the government and is announced before the start of each agricultural season.