2024, Vol. 7, Issue 1

author(s)
Iram Jamal, Dr. Shelly (De) Pandit and Rifat Jamal

abstract
Agriculture and associated industry sectors contribute significantly to the Indian economy, contributing around 16% of GDP and employing nearly fifty percent of the workforce. Recognizing the importance of agriculture, the government has launched several programs to assist farmers since the country's independence. The Pradhan Mantri Fasal Bima Yojana (PMFBY), initiated in 2016 as a "One Nation - One Scheme" strategy, is one such recent project. PMFBY provides comprehensive crop failure insurance coverage and helps covered farmers stabilize their income an extensive literature search was done across significant databases to achieve this goal, which was supported by annual reports from the Indian government. The search method included terms like "Crop Insurance," "Pradhan Mantri Fasal Bima Yojana," "National Agriculture Schemes," and "India" to find related articles. Following that, a thorough study using multiple regression approaches was carried out for the years 2020-2021 and 2021-2022. In addition, as compared to other plans, the PMFBY has much lower beneficiary and claim premium ratios. This study attempts to evaluate the Government of India's smart scheme with recent initiatives taken by states and UTs to promote security farming to insured farmers. This study is an attempt to investigate the PMFBY scheme conceptual framework and determine the benefits of PMFBY in the country. Agricultural insurance protection under PMFBY has remained low concerning the number of farmers addressed the area covered, claims paid out, and total farmers benefiting. The main problems of the PMFBY are settlement of claims delays, system complexity, and farmers' inadequate knowledge.