PMFBY Extended to 2025-26 to Boost Crop Security
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the continuation of Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Insurance Scheme (CBBY) till 2025-26.
"The first decision of the new year is dedicated to the crores of farmer brothers and sisters of our country. We have approved an increase in allocation for crop insurance. This will not only provide more security to the crops of the farmers, but will also reduce the worry of loss. A total expenditure of Rs 69,515.71 crore has been earmarked under the scheme from 2021-22 to 2025-26."
The Cabinet also approved creation of an 'Innovation and Technology Fund' (FIAT) with a corpus of Rs 824.77 crore to enhance transparency in implementation of the scheme and to inculcate technology at large scale in claim evaluation and settlement.
The fund will be used to help fund research and development (R&D) as well as technological innovations under schemes such as YES-Tech and WINDS (WINDS).
YES-Tech uses remote sensing for technology-based yield estimates. The objective is to give at least 30 per cent weightage to technology-based estimates for yield estimation.
Currently, the system is in force in nine major states — Andhra Pradesh, Assam, Haryana, Uttar Pradesh, Madhya Pradesh, Maharashtra, Odisha, Tamil Nadu and Karnataka. Other states are also being included in it.
With the increase in its use, crop cutting experiments and related methods for crop estimation will become a thing of history. Madhya Pradesh has adopted 100% technology based yield estimation.
In addition, automatic weather stations at block level and automatic rain gauges at panchayat level are being installed under WINDS (Weather Information and Network Data System).
WINDS is being implemented in nine major states - Kerala, Uttar Pradesh, Himachal Pradesh, Puducherry, Assam, Odisha, Karnataka, Uttarakhand and Rajasthan. It is also being considered to be implemented in other states soon.
For this, the Union Cabinet has decided to share higher central funds in the ratio of 90:10, so that the state governments can get the benefit. The Central Government has also made efforts to give priority to the farmers of the North Eastern States.
The Centre shares 90 per cent of the premium subsidy with the northeastern states. This gives more benefits to the farmers in these states.