India’s ambitious ₹30,000 crore plan to broaden crop insurance
India’s government is embarking on a monumental ₹30,000 crore endeavour to transform the Pradhan Mantri Fasal Bima Yojana (PMFBY) portal into an extensive platform.
This initiative aims to expand insurance coverage from crops to encompass various assets, including ponds, tractors, livestock etc.
The driving force behind this transformation is the AIDE app, which was launched in July and is set to revolutionize crop insurance accessibility for farmers.
Through the AIDE app, insurance intermediaries will not only facilitate crop insurance enrollment but will also extend coverage to a staggering 40 million farmers for non-subsidized schemes.
This marks a significant shift from being just a portal to becoming a comprehensive platform for farmers.
The PMFBY, a central government-sponsored crop insurance scheme, has recently transformed.
It incorporated new technological initiatives like YES-Tech, the WINDS portal, and the AIDE app. This has signalled a turning point for crop insurance in India.
As a result of this restructuring, the insured area expanded by 12% in 2022-23 compared to the previous year, covering over 49.7 million hectares.
It is anticipated that the insured acreage will reach an all-time high of 57.5-60 million hectares during the 2023-24 Kharif season.
Furthermore, several states, including Andhra Pradesh, have re-enlisted in the scheme. Also, others are planning to rejoin due to the universal approach of the restructured PMFBY scheme.
The scheme aims to cover all farmers in their respective regions. After the government settled long-pending claims amounting to ₹765 crores since the 2018-19 Kharif season, Jharkhand has decided to re-enter the scheme.
The number of insurers participating has also risen, with 15 taking part in the 2023 tender cycle, compared to 11 in 2020.
The expansion of PMFBY to cover various agricultural assets is a significant step towards providing comprehensive insurance solutions to India’s farming community, offering greater financial security and stability.
Image from Pxhere (Free for commercial use / CC0 Public Domain)
You may also like
Image Reference: https://pxhere.com/en/photo/1114339
Recent Posts
- The Indian Thali: A superfood hiding in plain sightThe truth is, your thali is already a balanced, nutrient-rich superfood meal, rooted in tradition and backed by science.
- Miss the September 15 ITR deadline? Here’s what it could cost youTax experts strongly advise filing well before the deadline to avoid unnecessary penalties, interest, and scrutiny.
- Shipping Corporation of India Recruitment 2025The online application process began on 6 September 2025 and will remain open until 27 September 2025.
- The Indian Thali: A superfood hiding in plain sight
What’s new at WeRIndia.com
News from 700+ sources
-
PM inaugurates Mizorams 1rst Railway Line, Flags Off States Maiden Rajdhani Express
-
Congress-led UDF will oppose SIR in Kerala: V D Satheesan
-
Mid- and small-cap mania: Why retail investors need to rebalance toward largecaps
-
TVK Vijay rally LIVE: Vijay set to kickstart I am coming Tamil Nadu Assembly election campaign
-
Tesla sued for hiring H-1B visa holders over US citizens
-
After Aishwarya, Delhi High Court protects Abhishek Bachchan against misuse of persona
-
WeRIndia – A News Aggregator
Visit werindia.com for all types of National | Business | World | Politics | Entertainment | Health related news and much more..
Leave a Reply