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- Still, less than 20% of the Indian farmers are covered by crop insurance.
- Somehow, the Indian psyche cannot seem to accept paying the insurance premium that would be foregone should no adverse event take place.
- It is also true that most poor people cannot afford even the lowest premium for insurance.
- And imagine it this way – a staggering 70% of the junta which depends on Agriculture wakes up everyday facing risk & uncertainty.
- As Indian agriculture will have to adopt new and expensive technologies to counter climate change, insurance cover becomes even more critical.
- 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.