Unlocking Farmers' Fortunes: Digital Transfers and Crop Insurance Evolution

Agriculture Minister Shivraj Singh Chouhan announced a digital transfer of Rs 3,200 crore as crop insurance under PMFBY to 30 lakh farmers. Highlighting enhanced claim systems and future penalties for delayed subsidies, the initiative underlines the government's commitment to a farmer-friendly insurance approach.

Agriculture Minister Shivraj Singh Chouhan is set to transfer a crop insurance amount of Rs 3,200 crore under the Pradhan Mantri Fasal Bima Yojana (PMFBY) to 30 lakh farmers digitally. This initiative will unfold during a special event in Jhunjhunu, Rajasthan.

The event sees attendance from Rajasthan Chief Minister Bhajanlal Sharma, Union Minister of State for Agriculture Bhagirath Choudhary, and state agriculture minister Kirodi Lal Meena. The allocation includes Rs 1,156 crore for Madhya Pradesh, Rs 1,121 crore for Rajasthan, Rs 150 crore for Chhattisgarh, with remaining funds distributed to other states.

The Union agriculture minister emphasized a new settlement system allowing claims via central subsidies without contingent on state contributions. From 2025, delays in state subsidies attract penalties. PMFBY, active since 2016, showcases a substantial payout exceeding premiums, supported by technology innovations enhancing settlement speed, transparency, and data accuracy.

(With inputs from agencies.)