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.
This story is from the January 02, 2025 edition of Financial Express Chandigarh.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 02, 2025 edition of Financial Express Chandigarh.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
India Leads in Disaster Management, Says Shah
BACKED BY RESILIENT infrastructure in the area of disaster management, India has emerged as a global leader in the sector by adopting a 'zero casualty' goal during calamities, Union home minister Amit Shah said on Sunday.
Modi hails makers of Constitution, lauds EC for impartial polls
ADDRESSING THIS YEAR'S first edition of his monthly broadcast, Mann Ki Baat, Prime Minister Narendra Modi paid tribute to the makers of the Constitution-B R Ambedkar, Rajendra Prasad and Shyama Prasad Mukherjee, who participated in the Constituent Assembly debates.
Diplomacy Just As Vital As Expertise To Run Restaurant
I have two pieces of pat advice for anyone rash enough to approach me for counsel. First, never speak to the press. Second, don't open a restaurant.
A bigger playing field
● The male consumer has evolved, so it's time for Smart and Handsome to flex
Mkt volatility may force life insurers to rethink ULIP plans
A PROLONGED VOLATILITY in the stock markets could dampen the investor appetite for unit linked insurance plans (ULIPs), prompting life insurers to shift the focus towards guaranteed income and pure protection plans like term insurance, industry experts said.
Bank of Japan set to raise interest rates
BANK OF JAPAN governor Kazuo Ueda will size up the need to raise interest rates on Friday amid heightened expectations of a hike — and barring a market shock triggered by Donald Trump's first few days in the White House.
A handy tool for home security
It captures clear video footage up to 20 metres
We are living in a 24x7 economy
A FEW DAYS AGO, L&T chairman SN Subrahmanyan's comments on the 90-hour work week, and \"how long can you stare at your wife\", followed by company's HR head Sonica Muraleedharan's subsequent clarificatory statement, have sparked widespread public debate.
Skilling shouldn't be on a budget
● Focus on women, migrant workers, infrastructure
LTIMindtree hopeful of sustaining growth momentum going ahead
FY26 TO OUTPERFORM FY25, SAYS MD & CEO
