To Study the Influence of Insurance Policy on the Agriculture Field and Indian Economy: Concept Paper

Abstract

India is an agriculture-dependent country. Agriculture has gone through two major revolutions, the Mechanical revolution, and the Science revolution (often known as Green Revolution). Even then, the system of our agriculture is improper and dotted by corruption. These problems directly affect on our farmers—they lose potential profit and are burdened with debts, leading to suicide, which is counterproductive to our economy, and wastage to our energy resources. This paper introduces a new concept on the central system of agriculture by providing insurance to farmer. In this methodology better utilizes the existing benefits and Indian government’s Yojanas will implement to the farmer. The best use of the benefits will depend upon the condition of the particular farmer. Each farmer will facilitate with an insurance policy. Besides of this policy, the various information of the farmer regarding their farming conditions will be stored by the government and further the essential requirement will provide to the greedy farmer. By help of this methodology following benefits will create:

• The farmer’s lands and crops would be insured, hence reducing their troubles, and lowering farmer suicide rate.

• An advisory board would help educate the farmers and help deal with problems.

• It would make the government aware of the condition of the nation in terms of the production, and the fertility of the soil of the country.

• The government would be provided with extensive data on the total production of a year, the total land being used for production, and the status and quality of various regions of the nation, along with other statistics.

• Better management would also help in knowing a more accurate investment structure which would be required in the agricultural sector.