A book on the theme “Rainfed Agriculture and Droughts in India” (2022) brought out by the National Bank for Agriculture and Rural Development (NABARD) argues that crop insurance is not a “perfect medication” any more for farmers hit by natural calamities such as floods and droughts and it has become more an institution governed by the private interests.
NABARD, which brought out the book authored by economist R.S. Deshpande, as part of its Azadi Ka Amrit Mahotsav series, said that Pradhan Mantri Fasal Bima Yojana carries along with it the baggage of the earlier failed crop insurance schemes. The private insurance companies have been given full authority to insure and pay the indemnity, and they get the State support in this operation.
