The government has increased the allocation for the Pradhan Mantri Fasal Bima Yojana (PMFBY) to ₹69,515 crore. The decision was made during the first Cabinet meeting of 2025 on January 1. This move ensures risk coverage for crops against non-preventable natural calamities until 2025-26.PMFBY is a government-sponsored crop insurance scheme that integrates multiple stakeholders on a single platform. It aims to ensure sustainable agricultural production by offering financial assistance to farmers facing crop loss or damage.The scheme also works to stabilise farmers’ incomes, encourage innovative farming practices, and promote credit flow for food security and crop diversification.
Since its inception, PMFBY has paid ₹1.70 lakh crore in claims over the last eight years.In another key decision, the Cabinet approved the creation of a Fund for Innovation and Technology (FIAT) with a corpus of ₹824.77 crore. The fund will promote technological advancements and research under PMFBY to improve efficiency and transparency.
Technology initiatives under FIATYES-TECH (Yield Estimation System using Technology):Uses remote sensing technology for accurate yield estimation.Implemented in nine major states, including Madhya Pradesh, which adopted 100% technology-based estimation in 2023-24.WINDS (Weather Information and Network Data Systems):Plans to set up Automatic Weather Stations (AWS) and Automatic Rain Gauges (ARGs) for hyper-local weather data.Currently rolling out in nine states, including Uttar Pradesh and Karnataka, with a 90:10 central-to-state funding ratio.
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