Agricultural insurance in India
Protection from Droughts and Floods
Agriculture in India is highly susceptible to risks like droughts and floods. It is necessary to protect the farmers from natural calamities and ensure their credit eligibility for the next season. For this purpose, the Government of India introduced many agricultural social insurances throughout the country, the most important one of them being Pradhan Mantri Fasal Bima Yojana.
Current insurance schemes
Pradhan Mantri Fasal Bima Yojana
The Pradhan Mantri Fasal Bima Yojana (Prime Minister's Crop Insurance Scheme) was launched by Prime Minister of India Narendra Modi on 13 February 2016.
Livestock Insurance Scheme
Livestock Insurance Scheme in India provided "provide protection mechanism to the farmers and cattle rearers against any eventual loss of their animals due to death and to demonstrate the benefit of the insurance of livestock to the people and popularize it with the ultimate goal of attaining qualitative improvement in livestock and their products."
Other agriculture schemes launched by Modi regime
Agriculture initiatives schemes launched by the Modi regime are:
2020 Indian agriculture acts
Atal Bhujal Yojana
E-NAM for online agrimarketing
Gramin Bhandaran Yojana for local storage
Micro Irrigation Fund (MIF)
National Mission For Sustainable Agriculture (NMSA)
National Scheme on Fisheries Training and Extension
National Scheme on Welfare of Fishermen
Pradhan Mantri Kisan Samman Nidhi (PMKSN) for minimum support scheme
Pradhan Mantri Krishi Sinchai Yojana (PMKSY) for irrigation
Paramparagat Krishi Vikas Yojana (PKVY) for organic farming
Pradhan Mantri Fasal Bima Yojana (PMFBY) for crop insurance
Farmer Income Protection Scheme (PM AASHA)
Previous schemes
Farm Income Insurance Scheme
The Central Government formulated the Farm Income Insurance Scheme (FIIS) during 2003-04. The two critical components of a farmer's income are yield and price. FIIS targeted these two components through a single insurance policy so that the insured farmer could get a guaranteed income.
The scheme provided income protection to the farmers by insuring production and market risks. The insured farmers were ensured minimum guaranteed income (that is, average yield multiplied by the minimum support price). If the actual income was less than the guaranteed income, the insured would be compensated to the extent of the shortfall by the Agriculture Insurance Company of India.
The public source identifies “Agricultural insurance in India” as protection from Droughts and Floods. This brief keeps that definition visible, then builds a research path around Agricultural, insurance and India.
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