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A Comparative Study on the Performance of Various Agricultural Crop Insurance Schemes of India with Special Reference to Pradhan Mantri Fasal Bima Yojana (PMFBY)

Author

Listed:
  • Parthiban, J. J.
  • Anjugam, M.

Abstract

This study examined the performance of Pradhan Mantri Fasal Bima Yojana (PMFBY) crop insurance scheme in India. To evaluate the performance of the Pradhan Mantri Fasal Bima Yojana in comparison with previous crop insurance schemes of India, data on area insured, gross premium paid, number of farmers benefitted and number of claims paid during 2016-2021 were collected. The study employs descriptive statistics and compound annual growth rates to compare the performances of various crop insurance schemes. The determinants of the number of farmers insured under Pradhan Mantri Fasal Bima Yojana were estimated through a multiple regression analysis. In comparison, PMFBY had covered a higher number of farmers thereby protecting an enormous amount of land from unforeseen risks compared to other crop insurance schemes of India. Results of the multiple regression model show that the amount of premium charged from farmers had a significant effect on the number of farmers insured over the time period. The paper also attempts to provide an overall knowledge about various crop insurance schemes of India since the implementation of crop insurance as a tool for mitigating agricultural risk.

Suggested Citation

  • Parthiban, J. J. & Anjugam, M., 2023. "A Comparative Study on the Performance of Various Agricultural Crop Insurance Schemes of India with Special Reference to Pradhan Mantri Fasal Bima Yojana (PMFBY)," Asian Journal of Agricultural Extension, Economics & Sociology, Asian Journal of Agricultural Extension, Economics & Sociology, vol. 41(3), pages 1-8.
    • Handle: RePEc:ags:ajaees:367413
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    References listed on IDEAS

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    1. Olivier Mahul & Charles J. Stutley, 2010. "Government Support to Agricultural Insurance : Challenges and Options for Developing Countries," World Bank Publications - Books, The World Bank Group, number 2432, April.
    2. Ashok Gulati & Prerna Terway & Siraj Hussain, 2018. "Crop Insurance in India: Key Issues and Way Forward," Indian Council for Research on International Economic Relations (ICRIER) Working Paper 352, Indian Council for Research on International Economic Relations (ICRIER), New Delhi, India.
    3. JunJie Wu, 1999. "Crop Insurance, Acreage Decisions, and Nonpoint-Source Pollution," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(2), pages 305-320.
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