Modi Cabinet Increases Allocation for ‘Pradhan Mantri Fasal Bima Yojana’ to Rs 69,515 Crore to Support Farmers

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New Delhi: In a major boost to India’s agricultural sector and the morale of farmers, the Union Cabinet has announced a substantial increase in the allocation for the ‘Pradhan Mantri Fasal Bima Yojana’ (PMFBY), raising the budget to Rs 69,515 crore. The decision, made during the first Cabinet meeting of the year, is seen as a step forward in improving the financial security of farmers and ensuring their well-being.

Union Minister Ashwini Vaishnaw addressed the media following the Cabinet’s decision, highlighting the government’s dedication to the welfare of farmers. “The first Cabinet meeting of 2025 has been dedicated to the farmers by the Prime Minister. In this first meeting, there were extensive discussions related to farmers, covering various aspects, and the decisions taken today are entirely focused on the welfare of farmers,” Vaishnaw said.

The Pradhan Mantri Fasal Bima Yojana, launched by the Narendra Modi government, has been a game-changer for the agricultural community. With the enhanced allocation, the government aims to provide better coverage and support to farmers affected by natural calamities, crop failures, and other agricultural risks. The scheme has already shown positive outcomes, and its expansion will further strengthen its impact.

Minister Vaishnaw further explained, “This is a culmination of a series of decisions. The biggest decision taken today was the enhancement of the ‘Pradhan Mantri Fasal Bima Yojana’, which has made a significant difference in the lives of farmers. Its allocation has been increased to Rs 69,515 crore. Given the positive experience so far, the utilisation of the scheme, the response received, and the real changes seen in farmers’ lives due to this scheme, the allocation has been increased.”

This increase in funding reflects the government’s confidence in the scheme’s success, as well as its commitment to improving the livelihoods of the farming community. The enhanced allocation is expected to provide comprehensive insurance coverage to more farmers and support them in overcoming agricultural challenges.

The decision comes at a time when India’s agricultural sector faces several challenges, including climate change, unpredictable weather patterns, and fluctuating market conditions. With this new allocation, the government aims to ensure that farmers are better equipped to face these challenges and continue to thrive in the years to come.

As the nation welcomes the new year, the Prime Minister’s move to prioritize farmers’ welfare with this crucial decision has set a positive tone for the year ahead.

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