Additionally, the Cabinet has authorized the establishment of a Fund for Innovation and Technology with a Rs 824.77 crore capital.
The Restructured Weather Based Crop Insurance Scheme and The PM Fasal Bima Yojana have approved by the Prime Minister Narendra Modi-led Union Cabinet.
The PM Fasal Bima Yojana allocation was increased to Rs 69,515 crore at the first Cabinet meeting of 2025 on January 1. The government said in a press release that the decision will “help in risk coverage of crops from non-preventable natural calamities for farmers across the country till 2025-26.”
Additionally, the Cabinet approved the creation of the Fund for Innovation and Technology (FIAT) with a corpus of Rs 824.77 crore, which will be used to fund research and development studies and technological initiatives under the scheme, such as YES-TECH and WINDS.
“The Yield Estimation System using Technology (YES-TECH) employs Remote Sensing Technology for yield estimation, with at least 30% weightage given to technology-based yield predictions. Nine states are now implementing (AP, Assam, Haryana, Uttar Pradesh, MP, Maharashtra, Odisha, Tamil Nadu, and Karnataka). Other states are also being brought on board quickly.
Crop Cutting Experiments and related difficulties will be phased out over time as YES-TECH is widely implemented. Under YES-TECH, claim calculation and settlement for 2023-24 have been completed. Madhya Pradesh has embraced 100% technology-based yield estimation.
“Weather Information and Network Data Systems (WINDS) intends to establish Automatic Weather Stations (AWS) at the block level and Automatic Rain Gauges (ARGs) at the panchayat level. WINDS envisions a five-fold increase in existing network density to develop hyperlocal meteorological data. The initiative merely requires the Central and State governments to pay for data rental fees. WINDS is currently being implemented in nine states (Kerala, Uttar Pradesh, Himachal Pradesh, Puducherry, Assam, Odisha, Karnataka, Uttarakhand, and Rajasthan), and more governments have expressed a readiness to do so, according to the government.