India Launches Fund for Innovation and Technology for Farmers
India Launches Fund for Innovation and Technology for Farmers
The Cabinet approved setting up of Fund for Innovation and Technology (FIAT), with an allocation of ₹824.77 crore for technology improvements in insurance schemes.
India’s minister for Rural Development, Agriculture and Farmers Welfare, Shivraj Singh Chouhan, announced the decisions of the Union Cabinet at a press conference on January 1, 2025.
He said that the new year should bring happiness and prosperity in the lives of the people of the country and we should be able to fulfill prime minister (PM) Narendra Modi’s resolve of a developed India.
He said that the government has dedicated the new year to the farmers and the cabinet has taken 3 big decisions in their interest, including the Pradhan Mantri Fasal Bima Yojana.
The Union Cabinet has approved the continuation of Pradhan Mantri Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme till 2025-26 with a total budget of ₹69,515.71 crore. The aim of this decision is to provide risk coverage to farmers against natural calamities.
The Cabinet approved setting up of Fund for Innovation and Technology (FIAT), with an allocation of ₹824.77 crore for technology improvements in insurance schemes. Key initiatives include Yield Estimation System using Technology (YES-TECH), which uses remote sensing for crop yield estimates.
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The schemes also include Weather Information and Network Data System (WINDS) for augmenting weather data through automatic weather stations and the implementation of WINDS to assist state governments will begin in 2024-25.
Elaborating on the second decision, the minister said the Cabinet has approved the extension of the one-time special package on diammonium phosphate (DAP) till December 31, 2025. The aim is to ensure that DAP remains affordable for farmers.
Talking about the third decision, Shivraj Singh Chouhan said that the Cabinet has approved the signing of Memorandum of Understanding (MoU) on trade of Non Basmati White Rice (NBWR) between the Ministry of Cooperation of India and the Ministry of Trade of Indonesia.
This MoU is for trading of one million metric tonnes of non-basmati white rice annually based on production and international prices. The duration of the MoU will be four years and will be automatically extended for an additional four years.
This agreement will be implemented by National Cooperative Exports Limited (NCEL), authorized by the Ministry of Cooperation. NCEL is a cooperative society established under the Multi-State Cooperative Societies Act, 2002.
This MoU will help to address the trade imbalance and strengthen India-Indonesia trade relations. NCEL will source Non-Basmati White Rice (NBWR) from the open market through a transparent tender process and from co-operative societies, thereby not distorting the market.
The minister said that targets have been set for the next one month of work of the Ministry of Agriculture and Farmers Welfare and efforts will continue to achieve those targets.
Courtesy: Ministry of Agriculture & Farmers Welfare
