Evaluation of ‘Revamped’ Crop Insurance Pradhan Mantri Fasal Bima Yojana (PMFBY) among Paddy Farmers

Crop insurance is important in India because the agricultural sector employs more than half of the workforce. Crop insurance has existed in India for nearly half a decade under various names. With this insight, the Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched in 2016 with the aim of addressing the shortcomings of its predecessors. During the year 2020, the programme was redesigned. In this context, a study was conducted to assess the scheme's success among paddy farmers in Tamil Nadu in 2019 before it was revamped. As a result, the aim of this paper is to assess the proposed changes in revamping in light of the issues that crop insurance stakeholders face. The scheme's major problems among insured farmers were claims that were not caused and settlement delays. The main reason for non-enrolment among uninsured farmers was a lack of legitimacy. The report also gathered feedback from Agricultural Officials on the scheme's implementation in the study region. According to the findings, the recent revamping is well-founded and well-planned to have an impact in the crop insurance industry.

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