These include a one-time subsidy package for diammonium phosphate (DAP) fertiliser worth up to Rs 3,850 crore and a one-year extension for two flagship crop insurance schemes.
The crop insurance schemes—Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather-Based Crop Insurance Scheme (RWBCIS)—have been extended till 2025-26 to align with the 15th Finance Commission's period. Additionally, a separate fund of Rs 824.77 crore has been created to infuse technology into the implementation of these schemes.
The Cabinet decisions, hailed as a "New Year gift" by the Prime Minister, underscore the government's focus on ensuring economic security for farmers and maintaining the affordability of key agricultural inputs despite global uncertainties.
The Cabinet approved the extension of an additional subsidy on DAP fertiliser beyond December 31, 2024, to ensure the retail price remains at Rs 1,350 per 50-kg bag. The financial implication of this decision is Rs 3,850 crore, which the Centre will bear.
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