A Study on the Performance and Coverage of Pradhan Mantri Fasal Bima Yojana (PMFBY)

Abstract

The agriculture sector of India is one of the vital sectors supplying constant employment, income and most importantly food security to the nation. As much as this sector is significant to the country equally it is vulnerable also. Continuous weather changes, heat waves and onsets are causing uncertainties in the agriculture sector. To relieve the farmers from such uncertainties and probable losses, Crop insurance is an unavoidable financial support. To reduce the risk of the farmers, the Government of India has implemented different initiatives to bring the states, districts and farmers under agricultural insurance. One of the most widely mentioned and comprehensive government initiatives towards agricultural insurance is Pradhan Mantri Bima Yojana (PMFBY). This study tries to study the performance and coverage of the PMFBY scheme over four years. The results of the study show that there are various challenges to be considered for proper coverage of crop areas and farmers. The study is very inclusive in terms of different crops relating to both Rabi and Kharif seasons.