Government Scheme: The government has increased the allocation for the Pradhan Mantri Fasal Bima Yojana (PMFBY) to ₹69,515 crore. Many important decisions were taken in the interest of farmers in the cabinet meeting chaired by Prime Minister Narendra Modi. Big announcements were made related to subsidy on crop insurance scheme and DAP fertilizer. Union Minister Ashwini Vaishnav said that a budget of Rs 69,515 crore has been fixed for the Prime Minister Crop Insurance Scheme during 2021-2026. This scheme will continue till 2025-26 and farmers will continue to get coverage to protect their crops from natural disasters. This decision was taken in the first cabinet meeting held on January 1, 2025.
Apart from this, the prices of DAP (Di-Ammonium Phosphate) fertilizer have also been kept stable. The price of a 50 kg bag will remain only Rs 1,350, whereas its actual cost is around Rs 3,000. The government will bear the additional expenses. To provide this relief to the farmers, the government has approved a special package of Rs 3,850 crore.
Technology will be used more in crop insurance scheme. Crop assessment and claim settlement will now be faster through technological initiatives like Yes-Tech and WINDS. For this, a fund (FIAT) of Rs 824.77 crore has been created, which will promote technological research and development. This step will make the crop insurance scheme more transparent and effective.
Despite fluctuations in global prices of DAP, the government has ensured that there is no impact on Indian farmers. Despite insecurity in sea routes like the Red Sea and instability in the global market, the government has given priority to the interests of farmers.
Prime Minister Modi also ensured that farmers do not face any problems even during the Covid pandemic and geopolitical crises. Since 2014, the government has doubled the fertilizer subsidy to Rs 1.9 lakh crore. These decisions of the government will provide financial relief to the farmers and they will be motivated for crop production. This step is a major effort towards increasing the income of farmers and empowering the agriculture sector.