New Delhi: Union Minister for Rural Development, Agriculture, and Farmers Welfare, Shivraj Singh Chouhan, announced key decisions taken by the Union Cabinet to benefit farmers and strengthen India’s trade ties. Speaking at a press conference, Chouhan expressed gratitude to Prime Minister Narendra Modi, stating, “The New Year is dedicated to farmers, reflecting the government’s unwavering commitment to their prosperity and the vision of a developed India.”
The Cabinet approved the continuation of the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather-Based Crop Insurance Scheme until 2025-26 with a total budget allocation of ₹69,515.71 crore. This initiative aims to provide risk coverage to farmers against natural calamities.
To improve efficiency and transparency in crop insurance, the government introduced key technological advancements:
- Fund for Innovation and Technology (FIAT): Allocated ₹824.77 crore to enhance technology in insurance schemes.
- Yield Estimation System using Technology (YES-TECH): Utilizes remote sensing for accurate crop yield estimates.
- Weather Information and Network Data System (WINDS): Aims to augment weather data through automatic weather stations, aiding state governments starting from 2024-25.
The Union Minister emphasized that timely payment of the central government’s share would address delays previously caused by state governments.
The Cabinet approved the extension of the one-time special package for diammonium phosphate (DAP) fertilizer under the Nutrient Based Subsidy (NBS) policy until December 31, 2025. The initiative ensures DAP affordability for farmers, with an estimated budgetary allocation of ₹3850 crore for the extended period. Payments will be made based on actual sales of DAP under the NBS scheme.
The Cabinet sanctioned a Memorandum of Understanding (MoU) with Indonesia for the trade of one million metric tonnes of Non-Basmati White Rice (NBWR) annually. This agreement, facilitated by the National Cooperative Exports Limited (NCEL), will strengthen India-Indonesia trade ties while addressing the trade imbalance.
Key features of the MoU include:
- A four-year agreement, extendable by an additional four years.
- Transparent procurement of NBWR from the open market and cooperative societies to avoid market distortion.
- Enhanced cooperation under the Multi-State Cooperative Societies Act, 2002.
Chouhan outlined ambitious targets for the Ministry of Agriculture and Farmers Welfare in the coming month, emphasizing sustained efforts to meet these goals.