Vol. 12, Special Issue 9 (2023)

Author(s):
JJ Parthiban and Dr. M Anjugam

Abstract:
The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme designed by the Indian government to safeguard farmers against unpredictable climate conditions and natural disasters. This study aims to examine the perceptions and constraints associated with the implementation of the Pradhan Mantri Fasal Bima Yojana (PMFBY) at the farm level. By analyzing the perspectives of farmers, this research seeks to provide light on the challenges and limitations faced by the PMFBY in its efforts to provide crop insurance coverage. Primary data was collected from 270 sample farms in Tamil Nadu, majorly cultivating Paddy and Groundnut from three indemnity zones i.e., high, medium and low. The study discovered that many farmers were not aware of the PMFBY scheme, did not have sufficient funds to pay premiums, faced difficulties in accessing banks and opening accounts, were unsatisfied with the indemnity amount, and were unaware of the cut-off dates. These factors contributed to the low adoption rate of the scheme. The study emphasizes the urgent need to overcome these challenges to maximize the scheme's outreach and enable farmers to access this economic safety net more efficiently as the success of schemes like PMFBY is essential to ensure the security and prosperity of farmers in India.