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The Genesis of Pradhan Mantri Fasal Bima Yojana-A Review

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Indian Journal of Economics and Development
Volume 15 No. 3, 2019, 483-487
DOI: 10.5958/2322-0430.2019.00063.5
Indexed in Clarivate Analytics (ESCI) of WoS

P. Asha Priyanka1*, S. Muraligopal2 and E. Nanda Kumar3
1 Post-doctoral Fellow and 2Professor, Department of Agricultural Economics, Tamil Nadu Agricultural University
Coimbatore-641003 (Tamil Nadu) and 3Assistant Professor, PSG College of Technology, Coimbatore (Tamil Nadu)
*Corresponding author’s email: ashapriyankap@gmail.com

ABSTRACT
Agriculture itself being without any denial a risky business demands risk management strategies to be carried out by the farmer. Crop insurance is the prime among many strategies administered by the Government to support farmers. India being an agricultureoriented country the inception of crop insurance dates back to 1971. Over the year’s crop insurance have evolved into many upgraded forms and pilot schemes. All the crop insurance schemes in India followed the area approach and there is only one weather based scheme (WBCIS). In this context, PMFBY was introduced in 2016 with much fanfare but has it flared well over the two years forms the crust of this review paper. PMFBY has a special mention for its digitalization, lesser premium, and more hazard coverage. Going through several studies, it could be concluded that even PMFBY has its pitfalls. Such as mandatory AADHAR are specific to PMFBY. However, farmers’ perception, lack of awareness, delay in claim disbursement, high actuarial rates, complications in enrollment are similar to the predecessors of PMFBY.
Keywords
CCE, crop insurance, PMFBY, RIICE, risk.
JEL Codes
Q18, Q14.

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