Cultivating Resilience: An In-depth Exploration of Agricultural Insurance Initiatives and Their Transformative Role in India's Farming Landscape

Abstract

In many developing countries, agriculture continues to be the backbone of the economy and plays a vital role. Enabling the development of food value chains and enabling poor farmers to increase their income, agricultural finance plays a crucial role in the effort to feed the world's anticipated 9 billion people by the year 2050. In 2022, yearly investments of at least $80 billion are required to meet the projected 70% increase in global food consumption by 2050. Agricultural insurance is a critical safety net that is in line with Sustainable Development Goal 2 (SDG2), which aims to end hunger, guarantee food security, and advance sustainable agriculture. Agricultural insurance works best when it protects farmers from natural calamities, makes sure they are creditworthy for the next growing season, and promotes sustainable farming methods. This article explores the policy efforts that are now being pursued in India's agriculture insurance industry, providing a thorough analysis of both the performance and developmental elements. Using a content analysis approach, the research examines the current environment and suggests a model intended to improve the effectiveness of the farm insurance programme. More involvement from governments and development agencies is necessary to meet the goals of sustainable agriculture. Enhancing the agriculture insurance framework requires cooperation with commercial reinsurers, technology suppliers, input suppliers, and financial institutions. In addition to optimising current programmes, this cooperative approach seeks to match them with the larger goal of sustainable agriculture, guaranteeing farmers' prosperity and resilience in the face of changing difficulties.