Crop Insurance and its Role in Indian Agriculture: A Comprehensive Review

Author: Shruti Mishra and Vikas Verma

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Abstract

Crop insurance plays a crucial role in safeguarding the interests of farmers and ensuring the sustainability of Indian agriculture, which is highly vulnerable to climate risks. This comprehensive review paper aims to analyze the role of crop insurance in Indian agriculture by examining its historical evolution, policy frameworks, and implementation challenges. It also evaluates the impact of crop insurance on various aspects of Indian agriculture, including farmers' livelihoods, agricultural productivity, and food security. The review focuses on major initiatives such as the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Weather-Based Crop Insurance Scheme (WBCIS), comparing their strengths and weaknesses in managing agricultural risks. Challenges in implementing crop insurance schemes, such as administrative and logistical issues, financial sustainability, and data collection, are discussed. The paper concludes by highlighting the need for innovative approaches and collaboration among stakeholders to enhance the effectiveness and reach of crop insurance in India. The study on Crop Insurance faces challenges such as data accuracy, farmer awareness, and policy implementation complexities. Despite these challenges. This review provides valuable insights for policymakers, researchers, and stakeholders in formulating strategies to enhance the resilience and sustainability of Indian agriculture.

Keywords

Crop insurance, Indian agriculture, climate risks, Pradhan Mantri Fasal Bima Yojana, Weather-Based Crop Insurance Scheme

Conclusion

Crop insurance plays a vital role in Indian agriculture by providing financial protection, stabilizing food production, and managing market risks. However, there is still work to be done to enhance the effectiveness, efficiency, and reach of crop insurance schemes. Policy recommendations focusing on institutional coordination, data management, awareness generation, and innovative partnerships can contribute to the improvement of crop insurance programs. Overall, crop insurance has the potential to significantly contribute to the well-being of Indian farmers, agricultural stability, and food security. By addressing the identified challenges, embracing future prospects, and implementing evidence-based policy recommendations, crop insurance can continue to evolve and play an instrumental role in safeguarding the livelihoods of farmers and ensuring the sustainable development of Indian agriculture.

References

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How to cite this article

Shruti Mishra and Vikas Verma (2023). Crop Insurance and its Role in Indian Agriculture: A Comprehensive Review. Biological Forum – An International Journal, 15(10): 624-630.