PMFBY LAYING BACKGROUND FOR INDIAN AGRICULTURE AGAINST MONSOON FLUCTUATIONS INDUCED RISKS
Keywords:
PMFBY, Crop Insurance, Safeguarding Farmers, MonsoonAbstract
In India predominant rural population still leaves on agriculture as their primary source of Income. Need to study current status of insurance on agriculture gains importance for safeguarding farmers against draught and imbalances in yield resulting in suicides of farmers. One of the populistic game changer insurance schemes brought out by government is Pradhan Mantri Fasal Bima Yojna (PMFBY) which not only provides insurance coverage to farmers against natural calamities and pests, but also encourages them to adopt innovative modern agricultural practices. Even the premium paid is uniform and low with cap on interest rate for greater coverage. The aim of new scheme is to cover 50% of total crop area i.e. 19.40 million hectare and use of digital technology to improve yield-data and automate claims (Goel, 2016). The article discusses holistically PMFBY scheme and provides insights and its performance while executing on field including impediments in safeguarding farmers against disasters and risks against the set objectives.
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