The major impact of weather on the crops in Indian farms has mandated the farmers to incorporate effective farm insurance policies that secure their yield all-round the year.
The bad climatic conditions in India, unfortunately, coincides with the rabi season has marked the major period of risks associated with the loss of the potential amount of crops.
Iain Willis, the JBA risk management director, who specializes in studying the farming aspects quoted that after examining the Weather-Based Crop Insurance Scheme (WBCIS) prevailing in India, a basic follow-up to the Indian Crop Model stated the facilitation that it renders the required risk management and an appropriate reimbursement pricing to the farmers. He also stated that 70 percent of the crop performance is impacted by inclement. A growing occurrence of El Nino weather patterns is likely to be present as we walk into the year 2019. The insurance policies cover approximately around 40 million farmers while the government has a goal to cover 50 percent of the 130 million farmers.
It has given a major exposure to the cultivators, giving them the leverage to maximize the benefits that cover them sufficiently during the dark shady times. The finance minister of India, Arun Jaitley has presented a launch of “Operation Green Initiative” to support the agricultural system and help farmers to push their boundaries of traditional farming and reach the gates of food parks.