Pradhan Mantri Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme to continue till 2025-26 : Shivraj Singh Chouhan
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 Rs 69,515.71 crore. Government has also approved signing of Memorandum of Understanding (MoU) on trade of Non-Basmati White Rice (NBWR) between the Ministry of Cooperation of the Government of India and the Ministry of Trade of Indonesia
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.
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 Rs 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 Rs 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. 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. 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 and it 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.
The Union Cabinet has approved the continuation
