Crop insurance schemes extended till 2025-26

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the continuation of the Pradhan Mantri Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme till 2025-26 with an overall outlay of Rs 69,515.71 crore from 2021-22 to 2025-26.

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The decision will help in risk coverage of crops from non-preventable natural calamities for farmers across the country till 2025-26.

In addition, for large-scale technology infusion in the implementation of the scheme leading to increasing transparency and claim calculation and settlement, the Union Cabinet has also approved the creation of the Fund for Innovation and Technology (FIAT) with a corpus of Rs 824.77 crore.

The fund will be utilised towards funding technological initiatives under the scheme namely, YES-TECH, WINDS, as well as research and development studies.

Yield Estimation System using Technology (YES-TECH) uses Remote Sensing Technology for yield estimation with minimum 30 per cent weightage to Technology based yield estimates. Nine major states are currently implementing (namely AP, Assam, Haryana, Uttar Pradesh, MP, Maharashtra, Odisha, Tamil Nadu and Karnataka).