Q11.Given the vulnerability of Indian agriculture to vagaries of nature, discuss the need for crop insurance and bring out the salient features of the Pradhan Mantri Fasal Bima Yojana (PMFBY).

Indian agriculture is highly susceptible to natural vagaries like monsoon dependence, climate change, pests, and diseases, leading to significant income instability for farmers.

Crop insurance is crucial for providing financial protection, stabilizing farmer incomes, preventing debt traps, and ensuring national food security amidst these unpredictable challenges.

PMFBY offers comprehensive risk cover against yield losses from non-preventable natural risks. Key features include:

• Very low uniform premium rates: 1.5% for Kharif, 2% for Rabi, and 5% for commercial/horticultural crops, with government subsidizing the balance.
• Coverage from pre-sowing to post-harvest losses, including localized calamities and specific post-harvest perils.
• Mandatory for loanee farmers and voluntary for others.
• Extensive use of technology like remote sensing and drones for quick assessment and claim settlement.

PMFBY significantly enhances farmers' resilience, promoting sustainable agricultural practices and contributing to overall rural economic stability.