The Union Cabinet, chaired by Prime Minister  Narendra Modi, has announced several significant decisions to bolster the agricultural sector and support Indian farmers. These initiatives, outlined by Union Minister for Rural Development, Agriculture, and Farmers Welfare,  Shivraj Singh Chouhan, aim to usher in prosperity for farmers and reinforce India’s commitment to agricultural development under the “Azadi Ka Amrit Mahotsav” initiative.

Extension of Crop Insurance Schemes

The Cabinet has approved the continuation of the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather-Based Crop Insurance Scheme (RWBCIS) until the 2025-26 fiscal year. With a comprehensive budget allocation of ₹69,515.71 crore, the initiative aims to provide risk coverage against natural calamities, safeguarding farmers’ livelihoods.

Key advancements include:

• Establishing a Fund for Innovation and Technology (FIAT) with an allocation of ₹824.77 crore to enhance insurance mechanisms.
• Incorporating cutting-edge solutions like the Yield Estimation System using Technology (YES-TECH) and the Weather Information and Network Data System (WINDS) for accurate crop yield estimates and improved weather data management.
• Deployment of WINDS is set to commence in the 2024-25 period, assisting state governments in leveraging real-time weather insights.

Affordable Fertilizers with Extended DAP Package

The Cabinet has extended the one-time special Diammonium Phosphate (DAP) package until December 31, 2025. This move ensures the continued affordability of DAP for farmers under the Nutrient-Based Subsidy (NBS) policy.

Key details:

• A budgetary allocation of ₹3,850 crore is earmarked for the extended period.
• Subsidies will be calculated based on DAP’s actual point-of-sale (PoS) transactions from January 1, 2025, to December 31, 2025.

Strengthening Trade Relations with Indonesia

In a landmark decision, the Cabinet approved a Memorandum of Understanding (MoU) for the trade of Non-Basmati White Rice (NBWR) between India and Indonesia. The agreement facilitates the trade of one million metric tonnes of NBWR annually, promoting bilateral trade and addressing the trade imbalance.

Also Read | India’s agriculture policy blend of ‘Back to Basics’ and ‘March to Future’: PM Modi

Highlights:

• The agreement, valid for four years with an automatic extension for another four years, will be implemented by the National Cooperative Exports Limited (NCEL).
• NCEL, operating under the Multi-State Cooperative Societies Act, 2 of 002, will procure rice transparently from the open market and cooperative societies to prevent market distortions.

Vision for 2025

 Chouhan emphasized that these initiatives align with Prime Minister Modi’s vision of a developed India, aiming to bring happiness and prosperity to the lives of Indian farmers. Targets for the Ministry of Agriculture and Farmers Welfare have been set for the coming month, with a dedicated focus on achieving them.

Be a part of Elets Collaborative Initiatives. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook , connect with us on LinkedIn and follow us on Twitter, Instagram.

"Exciting news! Elets technomedia is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!