More than 4 crore farmers benefitted from insurance schemes in 2024. Announcing this on January 1, 2025, Union Minister of Agriculture and Farmers Welfare Shivraj Singh Chouhan said that Pradhan Mantri Fasal Bima Yojana and also weather-dependent Fasal Bima Yojana will continue till FY26.
He also dedicated the New Year to farmers. The Union Minister of Agriculture and Farmers Welfare made the announcement after the cabinet adopted the decision to continue with the Pradhan Mantri Fasal Bima Yojana and also weather-dependent Fasal Bima Yojana till the end of the next financial year (2025-2026).
Quantum of insurance claims paid in 2024
Outlining the benefits under the insurance schemes, Chauhan said in case an insurance company made delays in offering compensation to a farmer, the insurer would be obliged to 12% additional interest. He also provided a headline figure of the total number of farmers who were benefitted by the insurance schemes – while more than 8 crore claims were received from farmers across the country in 2024, more than 4 crore farmers got the benefits of the insurance cover. A total of Rs 1,70,000 crore was disbursed as compensations while an amount of Rs 34,000 crore was collected from farmers under the insurance schemes.
Remote sensing technology for damage assessment
The minister also mentioned that crop damage assessments would be conducted using remote sensing technology. For the logistical purposes, an amount of Rs 824.77 crore has been earmarked. Chauhan also remarked that to increase DAP reserves an amount of Rs 3,850 crore has got the government’s nod. He also highlighted that at subsidised rates the cost of a 50 kg DAP bag is working out to be Rs 1,350 for the buyer. The minister also reiterated how export of rice is becoming possible after the government decided to remove the MEP (minimum export price) on non-basmati white rice.
Union Minister of Agriculture and Farmers Welfare Shivraj Singh Chouhan has said that Pradhan Mantri Fasal Bima Yojana and also weather-dependent Fasal Bima Yojana will continue till FY26. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
