The Union Cabinet on Wednesday extended two crop insurance schemes, the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) by one more year till 2025-26. The cabinet committee on economic affairs also created a separate fund for innovation and technology (FIAT) of Rs 824.77 crore for technology infusion in the implementation of these flagship. The agriculture ministry said the special fund will be utilised towards funding technological initiatives as well as research and development studies.
Insurance claims of Rs 1.7 lakh crore have been paid to farmers against Rs 34,000 crore premium paid under PMFBY since its launch in 2016, according to agriculture ministry data. Participation in PMFBY is optional for farmers. PMFBY is currently implemented in 23 states and Union territories. Farmers pay a fixed premium of just 1.5% of the sum insured for rabi crops and 2% for kharif crops, while it is 5% for cash crops.
Presentation -Dibyabharati Nayak