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
- ICMR NIIH recruitment 2025: Apply now for various postsInterested and eligible candidates can apply online at the official ICMR website.
- India responds to Trump’s tariff on importsIndia is preparing to engage in negotiations with the United States on tariffs.
- NISAR takes off: A giant leap for earth observationIn a landmark moment for global science, the NISAR satellite has successfully launched aboard India’s GSLV-MkII rocket from Sriharikota. A joint $1.5 billion mission by NASA and ISRO, NISAR promises to transform how we observe and understand Earth’s dynamic systems.
- ICMR NIIH recruitment 2025: Apply now for various posts
What’s new at WeRIndia.com
News from 700+ sources
-
BJP Postpones Party President Announcement Until After September VPPolls
-
We need unity against all terror
-
Mumbais heritage deserves to be highlighted
-
Donald Trump orders nuclear submarines to ‘appropriate regions’ after remarks by former Russian President Medvedev
-
Tesla ordered by Florida jury to pay $243 million in fatal Autopilot crash
-
Trump Deploys Nuclear Submarines in Row With Russia
-
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