Evaluation of the Prospects and Challenges of Pradhan Mantri Fasal Bima Yojana (PMFBY) - Crop Insurance in Effectively Mitigating the Risks of the Farmers in India

The Pradhan Mantri Fasal Bima Yojana (PMFBY), inaugurated in 2016, is designed to furnish farmers with extensive insurance protection against agricultural losses stemming from natural disasters and other unpredictable occurrences. This study delves into the opportunities and challenges associated with the PMFBY in alleviating the risks encountered by farmers across India. Although the initiative possesses considerable promise for enhancing the resilience and financial stability of the agricultural community, it is beset by numerous obstacles, including insufficient awareness, operational inefficiencies, and contentious claim settlement processes that impede its overall efficacy. This analysis scrutinizes the scheme's architecture, execution, and ramifications, underscoring the pivotal aspects that necessitate focused intervention to maximize its potential and secure its enduring viability.