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Cabinet Approves ₹69,515 Crore Allocation to Strengthen PM Fasal Bima Yojana
Union Cabinet Extends PMFBY and RWBCIS Till 2025-26 with ₹69,515 Crore Outlay
The Union Cabinet has approved the continuation of the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) until 2025-26. With a total allocation of ₹69,515.71 crore, these schemes will continue to provide farmers with coverage for crop losses caused by non-preventable natural calamities, according to an official release.
Key Highlights of the Announcement:
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Introduction of Fund for Innovation and Technology (FIAT):
- A dedicated fund of ₹824.77 crore will drive technological innovations, ensuring efficiency and transparency in crop insurance.
- YES-TECH (Yield Estimation System using Technology):
Utilizes remote sensing for precise yield estimation, already operational in 9 states. Madhya Pradesh achieved 100% technology-based estimation in 2023-24. - WINDS (Weather Information and Network Data Systems):
Plans to establish Automatic Weather Stations (AWS) and Automatic Rain Gauges (ARGs) for localized weather data collection. Currently being implemented in 9 states, including Uttar Pradesh and Karnataka, with a 90:10 funding ratio between the central and state governments.
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Focus on North Eastern States:
- Farmers in the region will benefit from a 90% subsidy on premiums, encouraging broader participation.
- Flexible fund allocation ensures unutilized funds can be redirected toward other development projects.
Objective:
These initiatives aim to provide comprehensive risk coverage, improve claim settlement transparency, and bolster the financial security of farmers across India.
The extension underscores the government’s commitment to empowering the agricultural sector through robust insurance mechanisms and cutting-edge technology.
World Food Business
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