The United Nations Development Programme (UNDP) and bioscience company Absolute® have signed a Memorandum of Understanding (MoU) to strengthen India’s flagship Pradhan Mantri Fasal Bima Yojana (PMFBY) and enhance farmers’ resilience. The collaboration aims to address various challenges faced by Indian farmers, including weather fluctuations, pest attacks, erratic rainfall, and humidity, leading to lower yields and income.
Strengthening Income Stability: PMFBY’s risk protection ensures that farmers receive financial support in the event of crop loss or damage, stabilizing their income and providing a safety net during difficult times.
Promoting Adoption of Innovative Practices: The scheme encourages farmers to adopt modern and innovative agricultural practices to mitigate risks and enhance productivity.
Strengthening Food Security: The infusion of technology in the agriculture sector will lead to increased food security, crop diversification, and overall growth and competitiveness.
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