Crop Insurance – PMFBY, etc.

Two risks that haunt agriculture – Weather & Prices

  1. Still, less than 20% of the Indian farmers are covered by crop insurance.
  2. Somehow, the Indian psyche cannot seem to accept paying the insurance premium that would be foregone should no adverse event take place.
  3. It is also true that most poor people cannot afford even the lowest premium for insurance.
  4. And imagine it this way – a staggering 70% of the junta which depends on Agriculture wakes up everyday facing risk & uncertainty.
  5. As Indian agriculture will have to adopt new and expensive technologies to counter climate change,
  1. Still, less than 20% of the Indian farmers are covered by crop insurance.
  2. Somehow, the Indian psyche cannot seem to accept paying the insurance premium that would be foregone should no adverse event take place.
  3. It is also true that most poor people cannot afford even the lowest premium for insurance.
  4. And imagine it this way – a staggering 70% of the junta which depends on Agriculture wakes up everyday facing risk & uncertainty.
  5. As Indian agriculture will have to adopt new and expensive technologies to counter climate change, insurance cover becomes even more critical.
  6. Narendra Modi government needs to be applauded for trying to introduce a market-based farm income insurance scheme combined with weather-based crop insurance products that will replace the ad hoc grants.