In the last three decades, the Government of India has launched several crop insurance schemes. Shri Rajiv Gandhi was the first Prime Minister to launch a crop insurance scheme in 1985, while the latest has been launched by Prime Minister Narendra Modi this year.
Here is a list of Government aided crop insurances schemes launched for the benefit of farmers.
1. 1985 – Comprehensive Crop Insurance Scheme (CCIS)
2. 1997 – Experimental Crop Scheme
3. 1999 – National Agricultural Insurance Scheme (NAIS)
4. 2003 – Farm Income Insurance Scheme (FIIS)
5. 2007- Weather-Based Crop Insurance Scheme (WBCIS)
6. 2016 – Pradhan Mantri Fasal Bima Yojana (PMFBY)
Crop insurance models implemented so far in the last 30 years have met with limited or no success at all. The support in terms of crop insurance is not reaching the farmers when they need it the most.
Challenges in Implementation
The success of government schemes is dependent on its earnest implementation by the authorities and insurance companies. Proper monitoring and supervision is vital for the success of any scheme. Poor land records, corruption, flawed land titles, etc are the major challenges faced by crop insurance schemes in India.
The new scheme Pradhan Mantri Fasal Bima Yojana (PMFBY) will come into force from the Kharif season starting in June this year. This scheme will cover both yield loss and post-harvest losses, and also provide farm level assessment for calamities. The scheme proposes better use of technology to speed up the claim process.
We cannot fight the natural calamities but we can secure our agro-investments by addressing the core elements that lead up to making investment in agriculture responsible.
At AGROCORP, we have incorporated many investor-friendly features in our investment plan. We are aware of the fact that by creating the required infrastructure and leveraging the knowledge of experts, we will be able to offer economic benefit to our investors and farming community. To know more about our investor security plans, contact AGROCORP.