The Union Cabinet has approved the continuation of Pradhan Mantri Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme till 2025-26 with a total budget of ₹69,515.71 crore: Shri Shivraj Singh Chouhan

Ministry of Agriculture &
Farmers Welfare

Posted On: 01 JAN 2025 7:14PM by PIB Delhi

Union Minister for Rural Development, Agriculture and Farmers Welfare, Shri Shivraj Singh Chouhan, while expressing pleasure at the decisions of the Union Cabinet in a press conference, said that the new year should bring happiness and prosperity in the lives of the people of our country and we should be able to fulfill Prime Minister Shri Narendra Modi’s resolve of a developed India. He said that the government has dedicated the New Year to the farmers. For this, I thank Prime Minister Shri Narendra Modi from the bottom of my heart. Today the cabinet has taken 3 big decisions in the interest of farmers. Pradhan Mantri Fasal Bima Yojana is provided for the farmers.

He said that earlier the states did not pay their share. The states used to delay it a lot but the central government has said that we will put our share immediately. Many such decisions have been taken in the crop insurance scheme:

• The Union Cabinet has approved the continuation of Pradhan Mantri Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme till 2025-26 with a total budget of ₹69,515.71 crore.
• The aim of this decision is to provide risk coverage to farmers against natural calamities.
• The Cabinet approved setting up of Fund for Innovation and Technology (FIAT), with an allocation of ₹824.77 crore for technology improvements in insurance schemes.
• Key initiatives include Yield Estimation System using Technology (YES-TECH), which uses remote sensing for crop yield estimates.
• Weather Information and Network Data System (WINDS) for augmenting weather data through automatic weather stations.
• Implementation of WINDS to assist state governments will begin in 2024-25.

• Elaborating on the second decision, he said the Cabinet has approved the extension of the one-time special package on diammonium phosphate (DAP) till December 31, 2025. The aim is to ensure that DAP remains affordable for farmers.
• Under the Nutrient Based Subsidy (NBS) policy, fertilizer companies fix prices based on a fixed subsidy. Additionally:
• The Cabinet had earlier approved the special package till December 31, 2024.
• The tentative budgetary requirements for the extended period from 01.01.2025 to 31.12.2025 would be ₹3850 crore.
• Payment will be made from the budget available under NBS Scheme on actual PoS sales of DAP from 01.01.2025 to 31.12.2025.

Talking about the third decision, Shri Shivraj Singh Chouhan said that the Cabinet has approved the signing of Memorandum of Understanding (MoU) on trade of Non Basmati White Rice (NBWR) between the Ministry of Cooperation of India and the Ministry of Trade of Indonesia. Under this:

• This MoU is for trading of one million metric tonnes of non-basmati white rice annually based on production and international prices.
• The duration of the MoU will be four years and will be automatically extended for an additional four years.
• This agreement will be implemented by National Cooperative Exports Limited (NCEL), authorized by the Ministry of Cooperation.
• NCEL is a cooperative society established under the Multi-State Cooperative Societies Act, 2002.
• This MoU will help to address the trade imbalance and strengthen India-Indonesia trade relations.
• NCEL will source Non-Basmati White Rice (NBWR) from the open market through a transparent tender process and from co-operative societies, thereby not distorting the market.

Shri Chouhan said that targets have been set for the next one month of work of the Ministry of Agriculture and Farmers Welfare and efforts will continue to achieve those targets.

*****

SS/RN

(Release ID: 2089410) Visitor Counter : 487