Prime Minister Narendra Modi announced several key sops for Indian farmers on the occasion of New Year 2025. He dedicated the first Cabinet meeting of the new year to farmers welfare.
The Union Cabinet chaired by PM Narendra Modi approved continuation of the Pradhan Mantri Fasal Bima Yojana till 2025-26 with an overall outlay Rs.69,515.71 Cr. This major decision comes as a big news for farmers on the occasion of new year.
A media report from Press Information Bureau (PIB) informed, PM Fasal Bima Yojana covered about 4 Cr farmers covering 6 cr hectares land area in 2023-24. About 88 percent of insured farmers are small and marginal. With the latest extension of the PM Fasal Bima, farmers will continue to get the same benefits now.
Besides extending PM Fasal Bima Yojana, PM Modi also decided to increase subsidy to fertilizers for farmers. Modi Sarkar has allocated Rs 3,850 Cr towards DAP fertilizer subsidy. With this decision, farmer will get 50 kg DAP bag at the price of Rs 1,350.
PM Modi Government has spent about Rs 11.9 lakh Cr towards fertilizer subsidy from 2014-24. With the extension of fertilizer subsidy for the 2024-25, farmers will continue to benefit from it, as they can buy fertilizers at subsidized prices and also be safeguarded from market fluctuations.
Modi Sarkar also decided to launch Fund for Innovation and Technology (FIAT) with a corpus of Rs 824.77 Crore. This fund is aimed at supporting technology innovations and initiatives in agriculture and allied sectors.
