Navigating Agricultural Risk: Evaluating Farmers' Perceptions and Barriers in the Adoption of PMFBY Scheme for Risk Management

Bijin Philip^1,2*,  Suresh Ganesan¹,  Jinu Mathew³, Nandini Thyagaraj⁴, Geethu Anna Mathew²and Roshen Therese Sebastian²

¹Department of Commerce, Imayam Arts and Science College, Vadakkuveli, Kannanur, Thuraiyur, Tiruchirappalli, Tamil Nadu, India.

²Department of Management, Kristu Jayanti College Autonomous, K Narayanapura, Kothanur, Bangaluru, Karnataka, India.

³Department of Commerce, Kristu Jayanti College Autonomous, K Narayanapura, Kothanur, Bangaluru, Karnataka, India.

⁴Department of Management, New Horizon College Kasturinagar, East of NGEF Layout, Bengaluru, India.

Corresponding Author E-mail:Bijinphilip111@gmail.com

Abstract:

The challenges faced by Indian farmers, exacerbated by systemic neglect and climate uncertainties, demand robust risk management strategies. This study investigates farmers' awareness and perceptions of the Pradhan Mantri Fasal Bima Yojana (PMFBY), a flagship agricultural insurance scheme introduced to mitigate these challenges. The methodology combines a comprehensive literature review and secondary data analysis, drawing insights from government reports and scholarly databases. Findings reveal a significant disparity in awareness across states, with farmers struggling to understand critical scheme features. Recommendations include enhancing communication strategies and leveraging technology for better claim settlements. By addressing these gaps, the PMFBY can better serve its primary stakeholders the farmers.

Keywords:

Agriculture Insurance; Agricultural Challenges; Crop Failures; Farmers Perception; PMFBY

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