- The Indian government is allocating Rs 30,000 crore to enhance and expand the PMFBY portal into a comprehensive platform that goes beyond crop insurance to include assets like ponds, tractors, livestock, and palm trees.
- This initiative is driven by the Ace Integrated Development Environment (AIDE) application, which simplifies the enrollment process for crop insurance and makes it more accessible to farmers.
- The transition from a portal to a platform aims to cater to the demand of farmers who wish to insure non-subsidized assets, providing them with comprehensive insurance solutions.
- The restructuring of the PMFBY program has led to a 12% increase in the insured area, with coverage expected to reach an all-time high of 57.5-60 million hectares during the 2023-24 Kharif season.
- Several states are re-enrolling in the PMFBY scheme, and the number of insurance companies participating in the program has increased to 15, signifying a growing commitment to providing effective insurance coverage to farmers.