New Delhi: The Union Cabinet has approved the continuation of the Pradhan Mantri Fasal Bima Yojana and the Restructured Weather Based Crop Insurance Scheme till 2025-26, with a total budget of ₹69,515.71 crore. The decision aims to provide risk coverage to farmers against natural calamities. Speaking about the development, Union Minister for Rural Development, Agriculture and Farmers Welfare Shivraj Singh Chouhan said the government is committed to ensuring the welfare of farmers, dedicating the New Year to their prosperity.

The Cabinet also approved the establishment of a Fund for Innovation and Technology (FIAT) with an allocation of ₹824.77 crore to improve technology in insurance schemes. This includes the Yield Estimation System using Technology (YES-TECH) and the Weather Information and Network Data System (WINDS). WINDS, which will assist state governments by enhancing weather data collection through automatic weather stations, is set to be implemented from 2024-25.

In another significant move, the Cabinet has extended the one-time special package on diammonium phosphate (DAP) till 31 December 2025, ensuring affordability for farmers. Under the Nutrient Based Subsidy policy, the extended package requires a tentative budget of ₹3,850 crore for the period, to be paid from the existing scheme budget based on actual point-of-sale sales of DAP.

Additionally, the Cabinet has approved the signing of a Memorandum of Understanding (MoU) for the trade of Non-Basmati White Rice between India’s Ministry of Cooperation and Indonesia’s Ministry of Trade. This agreement facilitates the trade of one million metric tonnes of rice annually for four years, with an automatic extension for another four years. The National Cooperative Exports Limited (NCEL) will implement the MoU, sourcing rice through a transparent tender process and cooperative societies, ensuring minimal market disruption.

The minister also announced that targets have been set for the Ministry of Agriculture and Farmers Welfare for the coming month, with efforts focused on achieving these objectives.

BI Bureau