Agricultural Insurance in INDIA a Study of Pradhan Mantri FASAL BIMA YOJANA

Abstract

ABSTRACT newlineAGRICULTURAL INSURANCE IN INDIA A STUDY OF PRADHAN MANTRI newlineFASAL BIMA YOJANA newlineINTRODUCTION newlineThe population is ever increasing and the Agricultural Sector has to be strengthened in all newlinerespects to be able to feed all. The risks that are faced by the agriculture also should be newlinecovered / mitigated and the Crop Insurance seems to be one of the responses. Projections newlineindicate that our world will have over 9.9 billion people by 2050, compared to just over 7.7 newlinebillion today (SWOP Report-2019). To feed all the people, particularly when over nine newlinemillion people already die annually due to starvation and hundreds of millions more suffer newlinefrom chronic or periodic food insecurity, is the crisis that should be addressed instantly on newlinewar footing. Agriculture, particularly, the small and mid-sized farmers who produce a newlinesignificant amount of food for the world (Food and Agriculture Organization of the United newlineNations), continues to be extremely vulnerable to the effects of natural disasters. Climate newlinevariability has direct impacts such as droughts, floods, and new and re-emerging diseases that newlinereduce harvests, minimize household assets, threaten their livelihoods and weaken their newlineability to withstand future losses. The impact of natural disasters has caused food prices to newlinespike. The impact was first felt in 2008 and the world continues to be vulnerable (Financial newlineCrisis). When people are hungry civil stability is threatened. The crisis in 2008 produced the newlineoverthrow of several governments. Plato once said, Civilization is but a few meals away newlinefrom barbarism . More recently, Lord Cameron of England said we are nine meals away newlinefrom anarchy . Distracted politically and financially by the global financial crisis we see newlinefewer resources being devoted to actually solve the global food insecurity crisis, particularly newlinein South East Asia and India. This dynamic raises the specter of more civil unrest in the newlinefuture. newlineIn India, agricultural risks are augmented by a variety of factors, ranging from climate newlinevariab