The ‘Crop Insurance Scheme’ would reimburse the farmers’ losses, according to Union Minister Shivraj Singh Chouhan.

During a visit to Trimbak town in Nashik district, Maharashtra, Union Minister for Agriculture, Farmers’ Welfare, and Rural Development Chouhan told ANI, “Every New Year, my family and I come here to ask for blessings. The farmers are the focus of this new year. “I would like to reassure farmers that the ‘Crop Insurance Scheme’ will cover the damage to their crops.”

He said that Prime Minister Narendra Modi led a cabinet meeting in Delhi where some “historic” decisions were made for farmers.

Chouhan prayed at the Trimbakeshwar Jyotirlinga temple in Trimbak, Maharashtra, earlier in the day.

In order to guarantee farmers’ sustained access to DAP at reasonable costs, the Union Cabinet on Wednesday authorized the extension of the One-time Special Package on Di-Ammonium Phosphate (DAP) beyond the NBS subsidy for the period beginning January 1 of this year until further instructions.

Up to Rs 3,850 crore will be the estimated budgetary demand.

With a total expenditure of Rs 69,515.71 crore from 2021–2022 to 2025–2026, the Union Cabinet has authorized the extension of the Pradhan Mantri Fasal Bima Yojana and the Restructured Weather Based Crop Insurance Scheme till 2025–2026. The decision will assist farmers nationwide in protecting their crops from unavoidable natural disasters until 2025–2026.

Additionally, the Union Cabinet has authorized the establishment of the Fund for Innovation and Technology (FIAT) with a capital of Rs 824.77 crore in order to execute the plan with a large-scale technological infusion that would increase transparency and improve claim computation and settlement.

The financing will be used to support research and development projects as well as technology initiatives within the program, such as WINDS and YES-TECH.