iGrain India - The Central Government of India has approved an allocation of Rs 69,515 crore to promote and develop the Pradhan Mantri Fasal Bima Yojana (PMFBY), a crop insurance scheme aimed at supporting farmers. This decision was made in a meeting of the Union Cabinet on January 1, 2025.
Key aspects of this approval include:
- Rs 800 crore for innovation and technology: This fund will support the development of advanced technologies and innovations such as Yes-Tech and WINDS, which aim to enhance the technical efficiency and transparency of claim settlements.
- Focus on the Northeast: The government has decided to give priority to the northeastern states, offering farmers in these regions a 90% subsidy on the insurance premium. Additionally, there will be flexibility in the allocation of funds to ensure that unspent money is used for other regional schemes.
- Enhanced coverage for farmers: The increased funding aims to provide ongoing insurance cover to farmers against crop damage caused by natural disasters, ensuring financial security for them.