Will the real insurer please stand up?
Does anyone care if it rains in the first week of June
or the third? Obviously, millions of Indian farmers do. As weather conditions become more unpredictable, the chances of not repaying the loan by a farmer are also becoming more evident. And now, most disappointing statistics from the government reveal that while 65% of Indian agriculture is dependent on natural factors, particularly rainfall, any discrepancy in rainfall accounts for over 50% of variability in crop yields. Then there are the most inane insurance schemes set up under the aegis of National Agricultural Insurance Schemes for farmers’ future. The present schemes illogically settle claims based on actual area yield. Worse, the settlement process is generally delayed, in some cases up to 6-12 months from the occurrence of the event, till which time the farmer is bankrupt many times over. Besides, only notified crops, not all, are eligible for the above crop insurance schemes. Wonder why it’s no wonder that the number of farmer suicides is increasing!
For Complete IIPM Article, Click on IIPM Article
Does anyone care if it rains in the first week of June
or the third? Obviously, millions of Indian farmers do. As weather conditions become more unpredictable, the chances of not repaying the loan by a farmer are also becoming more evident. And now, most disappointing statistics from the government reveal that while 65% of Indian agriculture is dependent on natural factors, particularly rainfall, any discrepancy in rainfall accounts for over 50% of variability in crop yields. Then there are the most inane insurance schemes set up under the aegis of National Agricultural Insurance Schemes for farmers’ future. The present schemes illogically settle claims based on actual area yield. Worse, the settlement process is generally delayed, in some cases up to 6-12 months from the occurrence of the event, till which time the farmer is bankrupt many times over. Besides, only notified crops, not all, are eligible for the above crop insurance schemes. Wonder why it’s no wonder that the number of farmer suicides is increasing!For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2007
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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