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.
"FIAT will help in the use of technology for faster assessment of crop damage, claim settlement and lesser disputes. It will also help in using digital technologies for easier enrolment and greater coverage," information and broadcasting minister Ashwini Vaishnaw told the press after the cabinet meeting.
The agriculture ministry said the special fund will be utilised towards funding technological initiatives as well as research and development studies.
Agriculture minister Shivraj Singh Chouhan said the insurance companies will have to pay a penalty of 12% to farmers on the claims if there is a delay in claim settlement beyond the stipulated period under the PMFBY.
Esta historia es de la edición January 02, 2025 de Financial Express Delhi.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición January 02, 2025 de Financial Express Delhi.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Netflix posts a record quarter thanks to sports, 'Squid Game'
OTT Adds 18.9 Million Customers In Q4
HDFC Bank aims to bring CD ratio down to pre-merger level within two years
HDFC BANK WILL take a couple of years to bring its credit-deposit (CD) ratio down to the pre-merger level of below 90%.
Stargate: A Wake-Up Call for India to Act Fast on AI Autonomy
US President Donald Trump's announcement of the $500-billion Stargate project to build AI infrastructure is, experts say, a wake-up call for India to urgently advance its efforts toward achieving self-reliance in the artificial intelligence (AI) sector.
RBI's dollar sales may net govt big dividend
THE FALLING RUPEE may still have a silver lining for the government.
Healthcare gets tech booster dose
● AI, ML and IoT can make healthcare more inclusive
Interest rate cut will spur demand for home loans
Interest rate cut will spur demand for home loans, Girish Kousgi, managing director and CEO, PNB Housing Finance, says.
H-1B visa tweaks pose barely any threat to IT sector
THE ANTICIPATED changes to the H-1B visa programme under US President Donald Trump's administration, including proposals to raise wage thresholds and introduce additional fees, are unlikely to have a significant impact on Indian IT companies.
Budget 2025: Innovation with sustainability and inclusivity
A STRATEGIC PLAN FOR AI LEADERSHIP BALANCING
Zypp Electric set to double fleet this yr
B2B DELIVERY AND shared mobility startup Zypp Electric is set to double its fleet size in 2025, driven by rising demand fueled by the growth of quick commerce and e-commerce.
Court Acquits Khaleda Zia in 10-Year-Old Sabotage Case
A court in Bangladesh acquitted BNP Chairperson and former prime minister Khaleda Zia on Wednesday in a sabotage case filed in the southeastern Cumilla district 10 years ago.
