India Extends Crop Insurance Schemes with Technological Boost

The Indian government has extended the Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Insurance Scheme (RWBCIS) until 2025-26, with increased funding and a new Rs 824.77 crore fund for technological integration. This aims to improve yield estimation, claim settlement, and farmer coverage.

The Indian government announced the extension of the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) until the 2025-26 fiscal year. These extensions coincide with the 15th Finance Commission period and reflect a positive response from farmers.

In a briefing, Information and Broadcasting Minister Ashwini Vaishnaw highlighted the enhanced allocation of Rs 69,515.71 crore for the extended period, compared to Rs 66,550 crore previously. The Cabinet Committee on Economic Affairs, led by PM Narendra Modi, approved a Rs 824.77 crore fund to infuse technology into these schemes.

Technological initiatives such as the Yield Estimation System using Technology (YES-TECH) and Weather Information and Network Data Systems (WINDS) are central to the plan. These aim to optimize crop loss assessments and enhance local weather prediction, thereby increasing insurance coverage efficiency.

(With inputs from agencies.)