The Union cabinet has cleared a ₹69,515 crore outlay for crop insurance schemes and promised to keep prices of diammonium phosphate (DAP) fertilizer stable at ₹1,350 per 50kg bag with an additional support of up to ₹3,850 crore.
While approving the continuation of the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) until FY26 and the crop-insurance outlay, the government also announced the creation of a Fund for Innovation and Technology (Fiat) worth ₹824.77 crore.
The outlay for enhancing the PMFBY and RWBCIS will be used for technological integration to ensure faster settlement of claims and easier enrollment of farmers, said Union minister for information and broadcasting Ashwini Vaishnaw.
This story is from the January 02, 2025 edition of Mint New Delhi.
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This story is from the January 02, 2025 edition of Mint New Delhi.
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