North News
New Delhi, January 1
The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the continuation of the Pradhan Mantri Fasal Bima Yojana and the Restructured Weather Based Crop Insurance Scheme until 2025-26. With a budget of Rs 69,515.71 crore, this decision will support farmers across India by providing risk coverage for crops affected by natural calamities.
Additionally, the government has approved the establishment of a Fund for Innovation and Technology (FIAT) with a corpus of Rs 824.77 crore to enhance transparency and efficiency in claim settlements. The fund will support initiatives such as the Yield Estimation System using Technology (YES-TECH) and Weather Information and Network Data Systems (WINDS).
YES-TECH, which uses remote sensing for yield estimation, is already being implemented in nine major states, with Madhya Pradesh adopting 100 percent technology-based estimates. Meanwhile, WINDS aims to enhance weather monitoring by setting up automatic stations at block and panchayat levels, with several states already progressing on the initiative.
Due to initial delays, WINDS will begin in 2024-25 instead of 2023-24, ensuring greater central funding for state governments. Special efforts are also being made to prioritise the North Eastern states, where the Centre covers 90% of premium subsidies.
