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Agricultural Insurance as A Risk Management Tool-Comparative Performance of NAIS and PMFBY in Gujarat

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Indian Journal of Economics and Development
Volume 16 No. SS, 2020, 168-175
DOI: https://doi.org/10.35716/ijed/NS20-106
Indexed in Clarivate Analytics (ESCI) of WoS

Kalpana Kapadia1 and Mrutyunjay Swain2
1Ph.D. (Scholar) Economics, Sardar Patel University, Vallabh Vidyanagar-388120 (Gujarat), and Associate Professor, Department of Economics and Management, Khallikote University, Berhampur-760001 (Odisha)
Corresponding authors’ email: kalpanakapadia25@yahoo.co.in

ABSTRACT
Agriculture in India is subject to numerous risks such as drought, flood, cyclone, and pests. There is a need to provide farmers with some safety nets against these natural hazards. It was reported that just 20 percent of farmers in India were covered under crop insurance. This paper analyzed the status and prospects of various crop insurance schemes in Gujarat. It was found that crop insurance coverage under PMFBY increased significantly. However, there are some areas where the present scheme could be further improved. There is a need to address issues such as delay in claim settlements, generating sufficient awareness in farmers about formulation and implementation of risk reduction strategies, developing suitable crop insurance product and effective implementation strategies and infrastructure, investing in R&D on insurance product design, covering price risk along with weather risk and substituting relief payments with crop insurance system.

Keywords
Agricultural risk, crop insurance, premium subsidy.

JEL Codes
G22, G32, Q18.

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