Crop Insurance Coverage: The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the continuation of the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) till 2025-26. With an overall outlay of ₹69,515.71 crore from 2021-22 to 2025-26, the schemes aim to provide risk coverage to farmers against non-preventable natural calamities.
To modernize the schemes, the Cabinet has also approved the creation of the Fund for Innovation and Technology (FIAT), with a corpus of ₹824.77 crore. This fund will support technological advancements such as:
- Yield Estimation System using Technology (YES-TECH): Incorporating remote sensing for yield estimation, this system assigns 30% weightage to technology-based assessments. Currently, 9 major states, including Madhya Pradesh (100% technology-based estimation), are implementing it.
- Weather Information and Network Data Systems (WINDS): Focused on hyperlocal weather data, this initiative plans to establish Automatic Weather Stations (AWS) and Automatic Rain Gauges (ARGs) across states. Implementation will begin in 2024-25.
The Cabinet also extended a 90% premium subsidy to farmers in the North Eastern states, prioritizing their inclusion. Additionally, flexibility in fund allocation allows for reallocations to other development projects if needed.
With these reforms, the government aims to improve transparency, accelerate claim settlements, and enhance farmer support under the PMFBY and RWBCIS.
