Cabinet Approves Continuation Of PM Fasal Bima Yojana With Outlay Of Rs 69,516 Crore
In its first decision of 2025, the Modi cabinet on Wednesday approved the continuation of the PM Fasal Bima Yojana and Restructured Weather-Based Crop Insurance Scheme till 2025-26 with an overall outlay of Rs 69,515.71 crore from 2021-22 to 2025-26.
The decision will help in risk coverage of crops from non-preventable natural calamities for farmers across the country till 2025-26, a statement from the PIB said. The scheme will benefit four crore farmers, Union Minister Ashwini Vaishnaw said in a press conference.
The PMFBY is a government-sponsored crop insurance scheme launched in 2016 that provides financial aid to farmers for crop loss due to unforeseen events like extreme weather events.
Prime Minister Narendra Modi hailed the cabinet's decision, saying the policies are aimed at enhancing prosperity for Indian farmers.
"Ours is a Government fully committed to furthering welfare of farmers. We are proud of all our farmer sisters and brothers who work hard to feed our nation. The first Cabinet of 2025 is dedicated to enhancing prosperity for our farmers. I am glad that key decisions have been taken in this regard," the PM said in a post on X.
Ours is a Government fully committed to furthering welfare of farmers. We are proud of all our farmer sisters and brothers who work hard to feed our nation. The first Cabinet of 2025 is dedicated to enhancing prosperity for our farmers. I am glad that key decisions have been…
January 1, 2025The cabinet also cleared plans for large-scale technology infusion in the implementation of the crop insurance scheme to increase transparency and claim calculation and settlement. The government will set up the Fund for Innovation and Technology (FIAT) with a corpus of Rs 824.77 crore.
The fund will be utilised towards funding technological initiatives under the scheme, namely, YES-TECH, WINDS, etc., as well as research and development studies, the statement said.
Yield Estimation System using Technology, or YES-TECH, uses remote sensing technology for yield estimation with a minimum 30% weightage to technology-based yield estimates. States like Andhra Pradesh, Assam, Haryana, Uttar Pradesh, Madhya Pradesh, Maharashtra, Odisha, Tamil Nadu, and Karnataka are currently implementing it.
Weather Information and Network Data Systems, or WINDS, envisages setting up Automatic Weather Stations (AWS) at the block level and Automatic Rain Gauges (ARGs) at the panchayat level. Under WINDS, a fivefold increase in current network density is envisaged to develop hyperlocal weather data.
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