Crop Insurance Policies in India: An Empirical Analysis of Pradhan Mantri Fasal Bima Yojana

India is home to over one-third of all undernourished children worldwide, and it ranks 94th out of 107 nations in the Global Hunger Index 2020. Instability in production and market risks make agriculture a risky business and directly affect farmers’ income levels, thereby impacting food security. Th...

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Autores principales:	Sandeep Kaur, Hem Raj, Harpreet Singh, Vijay Kumar Chattu
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	crop insurance food security financing schemes India Pradhan Mantri Fasal Bima Yojana Insurance HG8011-9999
Acceso en línea:	https://doaj.org/article/1b84c1fb4cab47bd93c5837eac6d7f5c
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spelling	oai:doaj.org-article:1b84c1fb4cab47bd93c5837eac6d7f5c2021-11-25T18:56:06ZCrop Insurance Policies in India: An Empirical Analysis of Pradhan Mantri Fasal Bima Yojana10.3390/risks91101912227-9091https://doaj.org/article/1b84c1fb4cab47bd93c5837eac6d7f5c2021-10-01T00:00:00Zhttps://www.mdpi.com/2227-9091/9/11/191https://doaj.org/toc/2227-9091India is home to over one-third of all undernourished children worldwide, and it ranks 94th out of 107 nations in the Global Hunger Index 2020. Instability in production and market risks make agriculture a risky business and directly affect farmers’ income levels, thereby impacting food security. This review aimed to understand various features of different crop insurance policies in India and to analyze the Pradhan Mantri Fasal Bima Yojana’s (PMFBY) impacts on Indian farmers. A literature search was performed in all popular databases, including Scopus, Web of Science, ProQuest, AGRICOLA, AGRIS, and Google search engines, as well as annual Indian government reports. The keywords “Crop Insurance” OR “Pradhan Mantri Fasal Bima Yojana” OR “National Agriculture Schemes” AND “India” were searched to obtain relevant articles. By using cumulative data, we conducted a multiple regression analysis and a model was developed to estimate the effects of insurance characteristics on farmer coverage for the years 2017–2018 and 2018–2019. Agricultural insurance coverage under PMFBY remained low in terms of the number of farmers insured, the area insured, claims paid, and total farmers benefited. Compared to other schemes, the beneficiary and claim premium ratios were substantially lower under the PMFBY. The multiple regression analysis showed that farmers’ premiums have a significant effect on the number of farmers insured over time, although the subsidies do not have a significant influence in farmers’ insurance participation. Delays in claim settlement, the complexity of the system, and a lack of awareness among farmers are the major weaknesses of the PMFBY. Greater use of digital media could help spread awareness of these schemes among farmers.Sandeep KaurHem RajHarpreet SinghVijay Kumar ChattuMDPI AGarticlecrop insurancefood securityfinancing schemesIndiaPradhan Mantri Fasal Bima YojanaInsuranceHG8011-9999ENRisks, Vol 9, Iss 191, p 191 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	crop insurance food security financing schemes India Pradhan Mantri Fasal Bima Yojana Insurance HG8011-9999
spellingShingle	crop insurance food security financing schemes India Pradhan Mantri Fasal Bima Yojana Insurance HG8011-9999 Sandeep Kaur Hem Raj Harpreet Singh Vijay Kumar Chattu Crop Insurance Policies in India: An Empirical Analysis of Pradhan Mantri Fasal Bima Yojana
description	India is home to over one-third of all undernourished children worldwide, and it ranks 94th out of 107 nations in the Global Hunger Index 2020. Instability in production and market risks make agriculture a risky business and directly affect farmers’ income levels, thereby impacting food security. This review aimed to understand various features of different crop insurance policies in India and to analyze the Pradhan Mantri Fasal Bima Yojana’s (PMFBY) impacts on Indian farmers. A literature search was performed in all popular databases, including Scopus, Web of Science, ProQuest, AGRICOLA, AGRIS, and Google search engines, as well as annual Indian government reports. The keywords “Crop Insurance” OR “Pradhan Mantri Fasal Bima Yojana” OR “National Agriculture Schemes” AND “India” were searched to obtain relevant articles. By using cumulative data, we conducted a multiple regression analysis and a model was developed to estimate the effects of insurance characteristics on farmer coverage for the years 2017–2018 and 2018–2019. Agricultural insurance coverage under PMFBY remained low in terms of the number of farmers insured, the area insured, claims paid, and total farmers benefited. Compared to other schemes, the beneficiary and claim premium ratios were substantially lower under the PMFBY. The multiple regression analysis showed that farmers’ premiums have a significant effect on the number of farmers insured over time, although the subsidies do not have a significant influence in farmers’ insurance participation. Delays in claim settlement, the complexity of the system, and a lack of awareness among farmers are the major weaknesses of the PMFBY. Greater use of digital media could help spread awareness of these schemes among farmers.
format	article
author	Sandeep Kaur Hem Raj Harpreet Singh Vijay Kumar Chattu
author_facet	Sandeep Kaur Hem Raj Harpreet Singh Vijay Kumar Chattu
author_sort	Sandeep Kaur
title	Crop Insurance Policies in India: An Empirical Analysis of Pradhan Mantri Fasal Bima Yojana
title_short	Crop Insurance Policies in India: An Empirical Analysis of Pradhan Mantri Fasal Bima Yojana
title_full	Crop Insurance Policies in India: An Empirical Analysis of Pradhan Mantri Fasal Bima Yojana
title_fullStr	Crop Insurance Policies in India: An Empirical Analysis of Pradhan Mantri Fasal Bima Yojana
title_full_unstemmed	Crop Insurance Policies in India: An Empirical Analysis of Pradhan Mantri Fasal Bima Yojana
title_sort	crop insurance policies in india: an empirical analysis of pradhan mantri fasal bima yojana
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/1b84c1fb4cab47bd93c5837eac6d7f5c
work_keys_str_mv	AT sandeepkaur cropinsurancepoliciesinindiaanempiricalanalysisofpradhanmantrifasalbimayojana AT hemraj cropinsurancepoliciesinindiaanempiricalanalysisofpradhanmantrifasalbimayojana AT harpreetsingh cropinsurancepoliciesinindiaanempiricalanalysisofpradhanmantrifasalbimayojana AT vijaykumarchattu cropinsurancepoliciesinindiaanempiricalanalysisofpradhanmantrifasalbimayojana
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Crop Insurance Policies in India: An Empirical Analysis of Pradhan Mantri Fasal Bima Yojana

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