A study on farmers perception and awareness of crop insurance scheme (PMFBY) in cuddalore District of Tamil Nadu
1*M. Arikrishnan and 2S. Kalaiselvi
1Department of Economics, Arts Faculty Annamalai University, Annamalai Nagar, Tamil Nadu - 608002 (India) 2Annamalai University, Department of Economics, Faculty of Arts, (Deputed to) Thiru Kolanjiappar Government Arts College is located in the Tamil Nadu town of Virudhachalam - 606001 (India) *Address for Correspondence M. Arikrishnan, Research Scholar, Department of Economics, Faculty of Arts, Annamalai University, Annamalai Nagar, Tamil Nadu - 608002 (India) Email: arikrishnan8@gmail.com
ABSTRACT
Agriculture is the backbone of the Indian economy because it employs over 70% of the population, either directly or indirectly. Agriculture is at the heart of the Indian economy. Droughts, floods, cyclones, storms, landslides, and earthquakes have all had a substantial impact on agricultural production and farm revenue in India. Insurance is an important tool for providing protection in risky situations, and it plays an important role in agricultural production decisions, chemical usage decisions, cultivation techniques, and cropping pattern decisions. The current research looked at “A Study on Farmers Perception and Awareness of Crop Insurance Scheme (PMFBY) in Cuddalore District of Tamil Nadu.” The study’s specific goal is to examine farmers’ perceptions and awareness of crop insurance schemes and to recommend appropriate measures to improve crop insurance schemes. According to the study, 51.67 percent of non-insured farmers were aware of the scheme. The remaining 48.33% of non-insurer respondents claimed they were unaware of the scheme. Those who were aware of the scheme learned about it from their bank or fellow farmers. In terms of the impact of the Crop Insurance Scheme (PMFBY), 82.50 percent of non-insurers stated that they had never used insurance before, while 17.50 percent of farmers stated that they had previously used insurance. There were several reasons given for not using the insurance provision. The majority of farmers were unaware of the insurance program, and 19.17 percent of farmers cited multiple reasons for not purchasing crop insurance. Noninsured farmers’ proposals for improving crop insurance knowledge included the need for media to be aware of insurance programs, greater publicity about crop insurance programs, and more farmer meetings regarding crop insurance programs.