Govt hikes crop insurance allocation, subsidy for DAP fertiliser

By
Ziraat Times
-

New Delhi: The Union Cabinet has increased the allocation for the Pradhan Mantri Fasal Bima Yojana to Rs 69,515 crore, which is estimated to  benefit almost four crore farmers.

The decision will ensure risk coverage for crops against unavoidable natural calamities, benefiting farmers nationwide through 2025-26.

At a press briefing on Wednesday, Union Minister for Information and Broadcasting Ashwini Vaishnaw said the Union Cabinet headed by Prime Minister Narendra Modi approved continuation of the crop Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme till 2025-26 with an overall outlay of Rs 69,515.71 crore from 2021-22 to 2025-26. The minister said the decision will help in risk coverage of crops from non-preventable natural calamities for farmers across the country.

Vaishnaw also said the government has also approved the creation of fund for information and technology (FIAT) with a corpus of Rs 824.77 crore. This fund will be utilised towards funding technological initiatives under the scheme namely, YES TECH, WINDS, etc as well as research and development. This fund will cause large scale technology infusion in the implementation of the scheme. It will also increase the transparency and claim calculation and settlement, the minister said.

A one-time package of Rs 3,850 crore has also been approved to subsidise DAP fertilisers, the minister said.

Aided by this package, the farmers will continue to get 50 kg bag DAP fertilisers for Rs 1,350 and all the extra cost will be borne by the government. Vaishnaw said the global market prices of DAP are volatile due to geo-political reasons and these fluctuations will impact the price of fertilisers in India. He credited the NDA government of doubling the subsidy on DAP than in the UPA years.

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