Context:
Union cabinet has approved the continuation of Pradhan Mantri Fasal Bima Yojana or PMFBY till 2025-26. This implies that crop insurance coverage is in force.
Key Highlights:
- The outgo for the PMFBY was revised to ₹69,515.71 crore for the period 2021-22 to 2025-26.
- PMFBY and RWBCIS would be extended for another year, that is 2025-26.
- “A one-time special DAP subsidy package has been approved to keep the retail price of DAP fertilizer at ₹1,350 per 50kg bag”.
Revised Restructured Weather-Based Crop Insurance Scheme (RWBCIS)
- Ministry
- The Ministry of Agriculture & Farmers Welfare
- Launched in India as a replacement for the National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Variable Scheme (MNAIS).
- Coverage
- There is no loss in crop production yield but coverage based on weather parameters.
- Weather-Based Risk Coverage:
- Compensation in respect of deviations in weather conditions which affect the development of crops.
- Area-Based
- Data of weather collected from AWIS for any area.
- Crop Coverage
- Valid for most crops from food crops and oilseed varieties to horticultural and cash crops.
- Premium Subsidy
- With cost-sharing by the States subsidized by the central government.
- Determination of Pay
- Pay-outs as per AWI.
