The Union Cabinet has approved the continuation of the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) until 2025-26. With a total budget of ₹69,515.71 crore, the schemes aim to provide risk coverage for farmers against natural calamities. To enhance efficiency, the Cabinet has also sanctioned ₹824.77 crore to establish a Fund for Innovation and Technology (FIAT).
Key technological initiatives under FIAT include:
- Yield Estimation System using Technology (YES-TECH): Leveraging remote sensing for accurate crop yield estimates.
- Weather Information and Network Data System (WINDS): Enhancing weather data collection with automatic weather stations, to be implemented from 2024-25.
Extension of DAP Special Package for Farmers
The Cabinet has extended the one-time special package for Diammonium Phosphate (DAP) under the Nutrient Based Subsidy (NBS) policy until December 31, 2025. This initiative ensures affordable fertilizer access for farmers.
- The extended package will require ₹3,850 crore from January 1, 2025, to December 31, 2025.
- Payments will be made based on actual sales recorded through the PoS system under the NBS scheme.
India-Indonesia Trade Agreement on Non-Basmati White Rice
An MoU on Non-Basmati White Rice (NBWR) trade has been approved between India’s Ministry of Cooperation and Indonesia’s Ministry of Trade.
- The agreement facilitates the trade of one million metric tonnes of NBWR annually over a four-year period, with automatic extension for an additional four years.
- The National Cooperative Exports Limited (NCEL) will oversee the sourcing and export process without market distortion.
- This MoU aims to address trade imbalances and strengthen bilateral relations between India and Indonesia.
Minister’s Remarks and Future Targets
Union Minister for Rural Development, Agriculture, and Farmers Welfare, Shri Shivraj Singh Chouhan, expressed his gratitude to Prime Minister Shri Narendra Modi for the New Year initiatives focused on farmers’ welfare. He highlighted the government’s commitment to achieving set targets and emphasized continued efforts to ensure prosperity for farmers and progress for the nation.
