The Union Cabinet on Wednesday extended two crop insurance schemes—the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather Based Crop Insurance Scheme (RWBCIS)—by one more year till 2025-26 to align their implementation with the 15th Finance Commission period.
The total outlay for PMFBY and RWBCIS has been increased to ₹69,515 crore for 2021-22 to 2025-26, from ₹66,550 crore for FY21-25.
The cabinet committee on economic affairs also created a separate fund for innovation and technology (FIAT) of ₹824.77 crore for technology infusion in the implementation of these flagship schemes.
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