Government Boosts Crop Insurance Scheme to Ensure Farmers’ Security
New Delhi, January 1, 2025: The Union Cabinet, chaired by Prime Minister Narendra Modi, held its first meeting of the year with a strong focus on farmers’ welfare. Several key decisions were taken to strengthen the agricultural sector, including a significant boost to the Pradhan Mantri Fasal Bima Yojana (Crop Insurance Scheme).
Crop Insurance Scheme
The Cabinet approved the continuation of the Pradhan Mantri Fasal Bima Yojana and the Restructured Weather-Based Crop Insurance Scheme until 2025-26. A total allocation of ₹69,515.71 crore has been earmarked for these schemes for the period from 2021-22 to 2025-26. This move aims to provide comprehensive risk coverage to farmers against losses due to unpreventable natural disasters.
Additionally, the Cabinet approved the creation of a Fund for Innovation and Technology (FIAT) with an allocation of ₹824.77 crore. This fund will focus on leveraging advanced technology for claim calculations and settlements, ensuring greater transparency and efficiency in the implementation of the schemes.
These initiatives reaffirm the government’s commitment to securing farmers’ livelihoods and fostering growth in the agricultural sector through innovative and inclusive measures.
