Is Crop Insurance = Life Insurance in Rural India?
Every farmer says agriculture is synonymous with risk and uncertainty. Every Indian thinks that there is need for reforms and Green revolution similar to 1960's and 1990's. Every economist would say, economic growth and agricultural growth are closely linked to each other in agrarian economy. In India, agriculture contributes to 24% of the gross domestic product (GDP) and any change has a multiplier effect on the economy as a whole. In the past, Indian Government has been concerned about the risk and uncertainty prevalent in agriculture. The unfortunate deaths (suicide) of farmers in India who got caught in a debt trap are becoming common these days. The Government of India is still trying to find measures to stop these deaths from happening again. Farmers face floods, drought, pests, disease, and a plethora of other natural disasters. The weather is their greatest adversary, something that can never be controlled by man. Weather can make or break a farmer’s fortune. It becomes