The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved 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.
The decision will help in risk coverage of crops from non-preventable natural calamities for farmers across the country till 2025-26.
In addition to the same, for large-scale technology infusion in implementation of the scheme leading to increasing transparency and claim calculation and settlement, the Union Cabinet has also approved creation of Fund for Innovation and Technology (FIAT) with a corpus of Rs 824.77 crore.
The fund will be utilized towards funding technological initiatives under the scheme namely, YES-TECH, WINDS, etc., as well as research and development studies.
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