Boosting Farmer Resilience Government Extends PMFBY with Increased Funding

In addition, the government has also more than doubled funding for the Pradhan Mantri Fasal Bima Yojana, a key insurance program to mitigate crop loss because of natural disasters. The increased funding, declared during the recently held cabinet meeting presided by Prime Minister Narendra Modi, demonstrates how the government wants to promote its agricultural sector.

Increased Coverage and Technological Upgrades

An allocation of ₹69,515 crore has been allocated to the PMFBY for the period 2021-2026. Extended coverage will also be provided with this scheme in order to offer comprehensive protection against a wide array of risks faced by farmers due to unforeseen weather events, pests, and diseases. Greater integration of technology will also be seen in this scheme, including innovative solutions like Yes-Tech and WINDS for crop assessment and claim settlements.

Fertilizer Costs: Stabilizing and Supporting Farmers

Recognizing the critical role of fertilizers in agricultural productivity, the government has taken steps to ensure stable prices for DAP, a key input for crop cultivation. Despite the significant increase in global DAP prices, the government will continue to provide a subsidy to keep the cost of a 50-kg bag at ₹1,350 for farmers, though the actual cost is more than ₹3,000. This important intervention will protect farmers from the impact of increasing input costs and preserve their profitability.

A Multi-pronged Approach to Farmer Welfare

Beyond PMFBY, the government is committed to the welfare of farmers. A special relief package of ₹3,850 crore has been approved for helping farmers deal with unforeseen difficulties. Additionally, a dedicated fund of ₹824.77 crore FIAT has been created to spur research and development in agricultural technology. The resultant investment in innovation will help agricultural practices improve while making the crop insurance program more efficient and result in increased productivity and incomes of farmers.

A Decade of Support for Indian Agriculture

Beginning in 2014, a strong commitment had been shown through the government. This commitment lies in the more than doubling fertilizer subsidies to the tune of ₹1.9 lakh crore over the last nine years. So, these concerted efforts towards creating a robust and prosperous landscape for Indian farming will help make Indian farmers far better equipped than ever before for the challenges imposed by climate, market volatility, and global uncertainty.

Disclaimer: This article is for information purposes only and should not be taken as financial or investment advice.

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