Pradhan Mantri Fasal Bima Yojana to continue until 2025-26
Restructured Weather Based Crop Insurance Scheme until 2025-26
IH News Desk
NATIONAL, January 01, 2025: Union Cabinet led by Prime Minister Narendra Modi on Wednesday approved the continuation of the Pradhan Mantri Fasal Bima Yojana and Restructured Weather-Based Crop Insurance Scheme until 2025-26 with an overall outlay of Rs 69,515.71 Crore from 2021-22 to 2025-26. The decision aims to provide risk coverage for farmers across the country from non-preventable natural calamities until 2025-26.
To increase transparency and claim calculation and settlement, the Cabinet has created a Fund for Innovation and Technology (FIAT) with a corpus of Rs.824.77 Crore. The fund will fund technological initiatives under the scheme, such as YES-TECH and WINDS, as well as research and development studies.
YES-TECH uses Remote Sensing Technology for yield estimation, with 9 major states implementing it. Weather Information and Network Data Systems (WINDS) aims to set up Automatic Weather Stations (AWS) at block level and Automatic Rain Gauges (ARGs) at panchayat level with data rental costs payable by Central and State Governments.
The Union Cabinet has approved 2024-25 as the first year of WINDS implementation to give state governments a higher central fund sharing at 90:10 ratio.