New Delhi: The agriculture insurance sector is poised for significant growth from 2024 onwards, with an average real premium growth projected at 2.5% over the medium term, according to the Economic Survey 2023-24. This survey, presented in Parliament on Monday, indicates that despite a flat growth in FY23 due to lower premium rates during the Kharif cropping season, the sector is set to expand. The decline in premium rates was counterbalanced by an increase in insured land area and higher farmer enrolments.
The survey highlights that agricultural premiums are expected to rise from 2024, driven by advancements in insurance infrastructure, including mobile applications and remote sensing technologies for crop loss monitoring.
To tackle the current challenges in crop insurance, the government has introduced several technological initiatives such as the YES-Tech Manual, WINDS portal, and the AIDE/Sahayak enrolment app. These tools leverage satellite-based advanced technologies to assess crop damage more accurately. Additionally, door-to-door enrolment campaigns aim to make crop insurance more accessible to farmers, thereby improving coverage and efficiency.
These initiatives are anticipated to significantly enhance the efficiency of crop damage assessments and increase the accessibility of agricultural insurance across the country. The government continues to implement key schemes like the Pradhan Mantri Fasal Bima Yojana and the Weather Based Crop Insurance Scheme to support farmers.
