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.
References
Damodaran, H. (2017, July 27). Crop Insurance: A flagship scheme that may flatter to deceive. Retrieved November 10, 2017, from http://indianexpress.com/article/india/crop-insurance-a-flagship-scheme-that-may-flatter-to-deceive-4768640/
Dr. Pradeepika (2017). Insights into the New Crop Insurance Scheme in Haryana State, International Journal of Advanced Research (IJAR). ISSN: 2320-5407 Int. J. Adv. Res. 5(7), 1797-1802 Article DOI: 10.21474/IJAR01/4902 Available online: http://dx.doi.org/10.21474/IJAR01/4902
Express News Service, Pradhan Mantri Fasal Bima Yojana: Crop insurance plan to entail Rs 8.8K cr outgo. (2016, January 14). Retrieved from http://indianexpress.com/article/india/crop-insurance-a-flagship-scheme-that-may-flatter-to-deceive-4768640/
Goel, N. (2016, March 10). New Crop Insurance Scheme: Will It Be a Game Changer For Farmers? Retrieved November 19, 2017, from http://www.businessworld.in/article/New-Crop-Insurance-Scheme-Will-It-Be-A-Game-Changer-For-Farmers-/10-03-2016-91819/
Kaur, S. (2017, July 13). Modi’s Crop Insurance Scheme Adding to Farmer Woes. Retrieved November 13, 2017, from https://newsclick.in/modis-crop-insurance-scheme-adding-farmer-woes
Mahul, O., Verma, N., & Clarke, D. J. (2012, March). Improving Farmers’ Access to Agricultural Insurance in India [Scholarly project]. In The World Bank Financial and Private Sector Development Vice Presidency Non-Banking Financial Institutions Unit & South Asia Region Finance and Private Sector Development Unit. Retrieved November 20, 2017, from https://elibrary.worldbank.org/doi/abs/10.1596/1813-9450-5987
Ministry of Agriculture & Farmers Welfare Krishi Bhawan, New Delhi-110001, Department of Agriculture, Cooperation and Farmers Welfare. (n.d.). OPERATIONAL GUIDELINES Pradhan Mantri Fasal Bima Yojana [Press release]. Retrieved November 13, 2017, from http://agri-insurance.gov.in/Document/Oprational_Guidelines.pdf
Ministry of Agriculture and Farmers Welfare, Government of India (2017). Pradhan Mantri Fasal Bima Yojana. (n.d.). Retrieved November 13, 2017, from http://vikaspedia.in/agriculture/agri-insurance/pradhan-mantri-fasal-bima-yojana; Source:
Press Information Bureau, Government of India. (2016, June 5). Transforming India: PM Fasal Bima Yojana [Press release]. Retrieved November 13, 2017, from https://pibindia.wordpress.com/2016/06/05/transforming-india-pm-fasal-bima-yojana/
Singh, Y. (2017, January 23). Modi@2016:All Development Schemes. Retrieved November 19, 2017, from http://www.jagranjosh.com/current-affairs/modis-development-schemes-1485154236-1
Subramanian, H. (2017, July 21). Pradhan Mantri Fasal Bima Yojana-CSE. Retrieved November 13, 2017, from http://www.cseindia.org/content/pradhan-mantri-fasal-bima-yojana-cse
The Tribune Special, How Centre, state failed farmers on insurance. (2017, August 7). Retrieved November 13, 2017, from http://www.tribuneindia.com/news/punjab/how-centre-state-failed-farmers-on-insurance/448344.html