The Union Cabinet recently gave the green light for the continuation of the Pradhan Mantri Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme until 2025-26, with an impressive total outlay of Rs. 69,515.71 Crore for the period spanning from 2021-22 to 2025-26. This momentous decision was made during a meeting of the Cabinet Committee on Economic Affairs (CCEA), under the leadership of Prime Minister Narendra Modi. Additionally, a new fund called the Fund for Innovation and Technology (FIAT) has been sanctioned with a significant corpus exceeding Rs. 824 crore to bolster the implementation of these schemes through cutting-edge technology. This marks a pivotal step towards revolutionizing the agricultural landscape in India and fostering the well-being of our diligent farmers.
PM Modi’s New Year Dedication to Farmers
Prime Minister Narendra Modi, taking to social media, dedicated the first Cabinet decision of the new year to the welfare and prosperity of farmers, emphasizing the government’s unwavering commitment to their betterment. In his heartfelt message, PM Modi lauded the hard work and dedication of farmers across the nation, highlighting their pivotal role in ensuring food security for the entire country. The decision to extend the One-time Special Package on Di-Ammonium Phosphate (DAP) was particularly lauded by the Prime Minister, as it ensures the availability of DAP at affordable prices, thereby alleviating the financial burden on farmers.
Fund Allocation for Crop Insurance and DAP Fertilizer
The approved outlay of Rs. 69,515.71 Crore for crop insurance schemes will provide crucial risk coverage to farmers against non-preventable natural calamities until 2025-26. This move is set to benefit farmers nationwide and safeguard their livelihoods in the face of unforeseen adversities. Furthermore, the establishment of the Fund for Innovation and Technology (FIAT) underscores the government’s commitment to leveraging advanced technology for the seamless implementation of these schemes, thereby enhancing transparency and efficiency.
Special Allocation for DAP Fertilizer
In a significant development, the Cabinet has allocated a special one-time fund of Rs. 3,850 crore to maintain the price of Di-ammonium Phosphate (DAP) fertilizer at Rs. 1,350 per 50 kg bag for the entirety of 2025. This initiative aims to ensure the accessibility and affordability of DAP for farmers, reflecting the government’s proactive measures to shield farmers from market fluctuations. Union Minister Ashwini Vaishnaw emphasized the importance of this special DAP package in supporting farmers and bolstering agricultural productivity across the country.
In conclusion, the government’s resolute focus on enhancing agricultural welfare through comprehensive schemes and innovative measures is indeed commendable. The allocation of substantial funds for crop insurance and DAP fertilizer signifies a proactive approach to safeguarding the interests of our hardworking farmers, thereby paving the way for a brighter and more prosperous future for agriculture in India.