JJEM: Special Edition 4 (May 2025)
JJEM: Special Edition 4 (May 2025)
2025-05-31
Performance of Crop Insurance Scheme - A Case Study of PMFBY
Mr. Rudramuni P B,Prof. S. Venkatesh
Agriculture, crucial to India's economy, engages 58% of the population and contributes 18% to the GDP. The sector faces significant risks from weather, pests, and market fluctuations, leading to financial distress for farmers. The Pradhan Mantri Fasal Bima Yojana (PMFBY), launched in 2016, aims to mitigate these risks through subsidized crop insurance, enhancing farmers' income stability and encouraging modern practices. This research paper evaluates PMFBY's penetration and performance, analyzing enrollment, claim settlements, and regional adoption disparities. Data from diverse regions highlight implementation challenges and impact on farmer welfare. The study also projects PMFBY's future, emphasizing advanced technology integration, customized risk assessment, and climate-resilient agriculture. Findings reveal substantial benefits, though operational issues persist. The research offers evidence-based recommendations for policymakers to improve PMFBY, ensuring it effectively safeguards farmers and bolsters agricultural productivity in India.
Agriculture. Risk Management, Premium, and Risk Mitigation