New Delhi, Jan 1: The Union Cabinet chaired by the Prime Minister Narendra Modi on Wednesday approved continuation of the Pradhan Mantri 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.

Briefing media after the Cabinet meeting in New Delhi today, Information and Broadcasting Minister Ashwini Vaishnaw said that the overall outlay of the scheme has been increased to 69 thousand 515 crore rupees. He said, under the scheme 88 per cent of insured farmers are small and marginal farmers.

The decision will help with risk coverage of crops from non-preventable natural calamities for farmers across the country till 2025-26, he added.

The Cabinet has also approved the creation of a Fund for Innovation and Technology (FIAT) with a corpus of Rs 824.77 crore for large-scale technology infusion in the implementation of the scheme, leading to increasing transparency and claim calculation and settlement.

The fund will be utilised towards funding technological initiatives under the scheme, namely, YES-TECH, WINDS, etc., as well as Research and Development studies.

Yield Estimation System using Technology (YES-TECH) uses Remote Sensing Technology for yield estimation with minimum 30 per cent weightage to Technology-based yield estimates.

As many as nine major states, including AP, Assam, Haryana, Uttar Pradesh, MP, Maharashtra, Odisha, Tamil Nadu and Karnataka are implementing the scheme.

Other states are also being on-boarded expeditiously.

Union Cabinet also approved the extension of One-time Special Package on Di-Ammonium Phosphate (DAP) fertilizers beyond the Nutrient Based Subsidy at three thousand 500 rupees per Metric tonnes. It has approved the proposal of the Department of Fertilizers for the extension of the Special Package from today till further orders to ensure sustainable availability of DAP at affordable prices to the farmers.