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Informist, Wednesday, Jan. 1, 2025

 

--Cabinet OKs INR 695.15 bln for Pradhan Mantri Fasal Bima Yojana

 

MUMBAI – The Union Cabinet Wednesday approved the continuation of the Pradhan Mantri Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme till 2025-26 (Apr-Mar), with an overall outlay of INR 695.15 billion from FY22 to FY26, the government said in a release. The decision will help in risk coverage of crops from non-preventable natural calamities for farmers across the country till FY26.

 

The Union Cabinet also approved creation of Fund for Innovation and Technology with a corpus of INR 8.25 billion for large-scale technology infusion in implementation of the scheme leading to increasing transparency and claim calculation and settlement. The fund will be utilised towards funding technological initiatives under the scheme, namely yield estimation system using technology, weather information and network data systems as well as research and development studies, the release said.

 

Nine major states, including Andhra Pradesh, Assam, Haryana, Uttar Pradesh, Madhya Pradesh, Maharashtra, Odisha, Tamil Nadu and Karnataka are implementing a yield estimation system using technology that uses remote sensing technology for yield estimation with a minimum of 30% weightage to technology-based yield estimates. The wider implementation of the yield estimation system using technology, crop-cutting experiments and related issues will be gradually phased out. Under yield estimation system using technology, claim calculation and settlement have been done for FY24, it said. 

 

Weather information and network data systems envisaged setting up automatic weather stations at the block level and automatic rain gauges at the panchayat level. Under weather information and network data systems, the current network density is expected to increase five times to develop hyper-local weather data. Under the scheme, only data rental costs are payable by central and state governments.

 

The government is making an effort to include all farmers of the northeastern states on priority and the centre will share 90% of the premium subsidy with the northeastern states. However, due to scheme being voluntary and  low gross cropped area in the northeastern states, flexibility has been given to avoid the surrender of funds and for reallocation in other development projects and schemes with fund requirement, the release said. End

 

Reported by Sandeep Sinha

Edited by Akul Nishant Akhoury

 

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