[ad_1]
NEW DELHI: Government on Wednesday approved the continuation of the Centre’s flagship crop insurance schemes, until 2025-26, allocating a total outlay of Rs 69,515.71 crore for the period from 2021-22 to 2025-26.
The decision was taken during a meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi. The Cabinet also sanctioned a new fund with a corpus of over Rs 824 crore to enhance the schemes’ implementation through advanced technology.
Rs 69,515 crore crop insurance
“The Union cabinet today approved continuation of the Pradhan Mantri Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme till 2025-26 with an overall outlay of Rs.69,515.71 Crore from 2021-22 to 2025-26.The decision will help in risk coverage of crops from non-preventable natural calamities for farmers across the country till 2025-26,” according to a statement released by the government.
The new fund, called the Fund for Innovation and Technology (FIAT), will support large-scale technology integration to enhance the scheme’s implementation.
This includes improving transparency, streamlining claim calculations, and expediting settlements. The fund will also support technological initiatives such as YES-TECH and WINDS, along with research and development studies under the scheme.
Currently, nine states have adopted this system, including AP, Assam, Haryana, Uttar Pradesh, MP, Maharashtra, Odisha, Tamil Nadu and Karnataka, as per the release.
Rs 3,850 crore for DAP fertiliser
The cabinet additionally approved a special one-time allocation of Rs 3,850 crore to maintain Di-ammonium Phosphate (DAP) fertiliser prices at Rs 1,350 per 50 kg bag. Union minister Ashwini Vaishnaw announced the special DAP package, covering January-December 2025, aiming to maintain affordable DAP availability for farmers.
“Farmers will continue to get DAP at Rs 1,350 per 50 kg bag, which costs more than Rs 3,000 in other countries… This package will cost about Rs 3,850 crore. Since 2014, PM Modiji has ensured that farmers do not have to bear the brunt of market fluctuations. Fertiliser subsidy from 2014-24 was Rs 11.9 lakh crore which is more than double the subsidy given from 2004-14,” Vaishnaw said, news agency ANI reported.
“Rs 800 crore fund for innovation and technology has been created for faster assessment, faster claim settlement, and fewer disputes… To increase coverage and ease enrollment, PM Narendra Modi has decided to completely digitise the process… The funding pattern for northeast and Himalayan states is 90:10, and 50:50 for Other States… Premium share has been predefined at 1.5% to 5% of insured value… 88% of insured farmers are from marginal backgrounds and 57% of insured farmers are OBC, SC & ST,” he added.
[ad_2]
Source link
