Crop Insurance policies in India: A comprehensive Study of Pradhan Mantri Fasal Bima Yojna

Abstract

Suicides of Agricultural Labourers rise by 18% in 2020 (NCRB report- 2021). India ranks 101 out of 116 countries in Global Hunger Index (Global Hunger Index 2021). Agriculture is a completely unique zone due to its dependence on the weather and organic variables. Therefore, in agriculture it's miles critical to pick out and examine dangers to Ensure that decisions taken on the farm and in the marketplace provide excellent results. A variety of risk assessment methodologies are accessible from a scientific standpoint. Due to recent climate change, there has been a major increase in natural dangers that are beyond human control. Natural hazards are key concerns in front of policymakers and farmers because of their effects on agricultural productivity, production, and farm revenue. As a result of natural disasters and market volatility, farmers' financial condition in the age of technical and economic progress remains precarious. Agriculture is a dangerous industry due to production instability and market hazards, which have a direct impact on farmers' income levels. The following figure shows percentage of agriculture households experienced a crop loss within six months for various crops due to different reasons.