Analyzing The Perspective Of Farmers On The Pradhan Mantri Fasal Bima Yojana (PMFBY) In The Sohawal Block Of The Satna District, In Madhya Pradesh, India.

Abstract

Agriculture serves as the backbone of the Indian economy, despite its modest 16 percent contribution to the country's GDP. A staggering 60–72 percent of the population relies on agriculture for their livelihoods. However, this vital sector faces significant risks, such as droughts, floods, and other natural disasters, which often lead to losses. In recent years, issues such as indebtedness, crop failures, low prices, and poor returns have compounded the challenges, resulting in agrarian distress in various regions across the country. Despite the Indian government's implementation of numerous schemes aimed at agricultural development, the sector continues to grapple with uncertainties. Regrettably, even in the 21st century, farmers find themselves vulnerable to these challenges, highlighting the persistent issues within the agricultural landscape. Farmers who experience crop loss or damage can receive financial assistance through the PMFBY, a crop-based insurance scheme. During the 2021–22 period, a research study in the Sohawal block of Satna district aimed to gain insights into farmers' perspectives on the PMFBY. The study identified several factors that were significantly associated with respondents' perceptions of the PMFBY, including education level, land holding size, farming experience, annual income, extension contact, risk orientation, awareness of crop insurance, information sources, and exposure to mass media, achievement motivation, and economic motivation. These findings were statistically significant at a 0.05% level of significance. However, other profile characteristics, such as age, caste, and social participation, did not show any significant association with the respondents' perceptions of the PMFBY. This study sheds light on the multifaceted influences that shape farmers' perspectives on this important government scheme.