Abstract
Objectives: To check the awareness level of farmers towards crop insurance schemes available so far and their satisfaction level with those schemes. To check the acceptability of farmers towards rainfall derivatives Methods: To achieve the objective of study, we have conducted a survey among the farmers of Gwalior Chambal region in India. The sample size of survey was 470 farmers; we have selected 5 villages per tehsil and 2 farmers per village. We have used cross tabulation to analyse the collected data. Findings: This study shows that only few farmers were aware about the previously launched crop insurance schemes by government and out the farmers who were aware and used the previous schemes were not satisfied with them. This study also shows the positive response by farmers towards rainfall derivative products. The study shows that most of the farmers believed that rainfall derivative can be a very effective tool for hedging the rainfall risk. Novelty: This study is very much helpful to understand the acceptability of rainfall derivatives among the farmers of Gwalior-Chambal region. This study can be used as a recommendation to launch the rainfall derivatives in India. Keywords: Rainfall risk; rainfall derivatives; crop insurance; hedging; weather index-based insurance; crop damage
Highlights
India is agricultural driven economy where most part of population depends on agriculture production for their livelihood
To achieve the above objective we have conducted the survey among the farmers and adopted the following methodology Sample size: The survey was conducted among the 470 farmers of Gwalior Chambal region we have selected 5 villages per tehsil and 2 farmers per village
In the survey we have asked the farmers about their experience about the previous insurance schemes and come to know that around 61% of farmers were not aware about the previous schemes
Summary
India is agricultural driven economy where most part of population depends on agriculture production for their livelihood. Large part of agricultural production still depends on good monsoon conditions so the agricultural production is very uncertain in volatile monsoon conditions. The uncertain monsoon conditions affect the farmers and other industries, which are directly or indirectly depends on agricultural production. Small and poor farmers are affected more by bad weather conditions; their income depends on good monsoon. Poor farmers had to sell their assets, livestock in case of low agricultural yield due to bad monsoon. Government of India is very concern about the farmers and continuously trying to introduce the risk hedging tools to mitigate this risk. Government has provided several insurance products like Comprehensive crop insurance scheme (CCIS), National agricultural insurance
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