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Research Paper | Agricultural Economics | India | Volume 12 Issue 7, July 2023 | Popularity: 5.6 / 10

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Pradhan Mantri Fasal Bima Yojana: Comparison with National Agriculture Insurance Scheme Concerning Threshold Yield

Shalaka Sarwate, Dr. Amruta Suryawanshi

Abstract: India, being a country largely dependent on agriculture, has around 60% of its population engaged in this sector. Despite its significance, agriculture faces challenges such as the unpredictable monsoon season resulting in crop failures. To address the losses faced by farmers, the Indian government introduced the Pradhan Mantri Fasal Bima Yojana (PMFBY) in 2016. This scheme aims to provide insurance coverage and financial support to farmers in the event of crop failures, pest attacks, or natural calamities. To analyze and compare the effectiveness of the National Agricultural Insurance Scheme (NAIS) and PMFBY schemes in calculating the threshold yield method, we conducted a study. Our findings suggest that the PMFBY calculation method is more suitable for crops like soybean, while the NAIS method is preferred for wheat-like crops. This could be attributed to the differences in the calculation of threshold yield, which is a crucial factor in determining the compensation amount for crop losses.

Keywords: Pradhan Mantri Fasal Bima Yojana, Madhya Pradesh, Agriculture, Insurance Premium, Agriculture Insurance, NAIS

Edition: Volume 12 Issue 7, July 2023

Pages: 200 - 204

DOI: https://www.doi.org/10.21275/SR23701183411

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