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Cabinet Approves a Budget of ₹69,515.71 Cr Pradhan Mantri Fasal Bima Yojana & Restructured Weather Based Crop Insurance Scheme

FIAT Fund of Rs 824.77 Cr : Risk coverage to farmers against natural calamities

Dusmanta Behera
Dusmanta Behera - Editor-in-Chief
3 Min Read

NewzVille Desk

The Union Cabinet has approved the continuation of Pradhan Mantri Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme till 2025-26 with a total budget of ₹69,515.71 crore.

Minister for Rural Development, Agriculture and Farmers Welfare, Shivraj Singh Chouhan informed this in a press conference on 01 January 2025.
Expressing pleasure at the decisions of the Union Cabinet, he said that the new year should bring happiness and prosperity in the lives of the people of our country and we should be able to fulfill Prime Minister Shri Narendra Modi’s resolve of a developed India.
He said that the government has dedicated the New Year to the farmers. For this, I thank Prime Minister Shri Narendra Modi from the bottom of my heart. Today the cabinet has taken 3 big decisions in the interest of farmers. Pradhan Mantri Fasal Bima Yojana is provided for the farmers.
He said that earlier the states did not pay their share. The states used to delay it a lot but the central government has said that we will put our share immediately. Many such decisions have been taken in the crop insurance scheme:

The aim of this decision is to provide risk coverage to farmers against natural calamities. The Cabinet approved setting up of Fund for Innovation and Technology (FIAT), with an allocation of ₹824.77 crore for technology improvements in insurance schemes.

Elaborating on the second decision, Minister Singh said the Cabinet has approved the extension of the one-time special package on diammonium phosphate (DAP) till December 31, 2025. The aim is to ensure that DAP remains affordable for farmers.

Under the Nutrient Based Subsidy (NBS) policy, fertilizer companies fix prices based on a fixed subsidy.

Additionally The Cabinet had earlier approved the special package till December 31, 2024.

The tentative budgetary requirements for the extended period from 01.01.2025 to 31.12.2025 would be ₹3850 crore.

Payment will be made from the budget available under NBS Scheme on actual PoS sales of DAP from 01.01.2025 to 31.12.2025.

Talking about the third decision, Shivraj Singh Chouhan said that the Cabinet has approved the signing of Memorandum of Understanding (MoU) on trade of Non Basmati White Rice (NBWR) between the Ministry of Cooperation of India and the Ministry of Trade of Indonesia.

This MoU is for trading of one million metric tonnes of non-basmati white rice annually based on production and international prices. The duration of the MoU will be four years and will be automatically extended for an additional four years.

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Dusmanta Behera
By Dusmanta Behera Editor-in-Chief
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Dusmanta Behera's pioneering experience of 26 years includes key roles at News Today Pvt Ltd, ETV Networks, Lok Sabha TV. Rajya Sabha TV, and Sansad TV. As an accredited Video Journalist for more than 15 years under MI&B, Government of India covered State Visits of Prime Minister and Vice President. Valuable Contributions include Series on "National Security" and Chamber Telecast. Key interest remains in Documentaries on Armed Forces and Travelogues.
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