NEW DELHI: Over 4 crore farmers benefitted from the PM Fasal Bima Yojana in 2024, as confirmed by Union Minister Shivraj Singh Chouhan. The Union Cabinet, led by Prime Minister Narendra Modi, has extended the scheme until 2026 with an outlay of ₹69,515.71 crore.
Shivraj Singh Chouhan announced, “Last year, over 8 crore applications were received, and more than 4 crore farmers benefitted. Farmers received claims worth ₹1.7 lakh crore. The scheme provides risk coverage from sowing to storage, giving significant relief to farmers.”
In another decision, ₹3,850 crore has been allocated for advance storage of DAP fertilizer to support farmers further. Additionally, the government removed the minimum export price on rice, paving the way for a new agreement with Indonesia to export 1 million metric tonnes of non-basmati white rice.
Prime Minister Narendra Modi emphasized, “This year’s first decision is dedicated to farmers. Increased allocations for crop insurance will secure their livelihoods and reduce risks.”
The Cabinet also approved ₹824.77 crore for the Fund for Innovation and Technology (FIAT). This fund will boost technological advancements like the Yield Estimation System using Technology (YES-TECH), which uses remote sensing for accurate yield predictions. Madhya Pradesh has fully implemented this system, with other states gradually adopting it.
Join our WhatsApp group for Latest updates