Economic Survey 2023-24: Crop insurance to see growth from 2024 onwards, government tech push to boost sector
8 months, 1 week ago

Economic Survey 2023-24: Crop insurance to see growth from 2024 onwards, government tech push to boost sector

The Hindu  

The agriculture insurance sector is likely to register growth from 2024 onwards, with an average real premium growth of 2.5% over the medium term, according to the Economic Survey 2023-24. "Agriculture premiums will likely rise from 2024 onwards, with an average real premium growth of 2.5% cent over the medium term, supported by improvements in insurance infrastructure such as mobile applications and remote sensing for crop loss monitoring," the survey said. The survey also highlighted door-to-door enrolment initiatives aimed at making crop insurance more accessible to farmers. Currently, the government is implementing Pradhan Mantri Fasal Bima Yojana and the Weather Based Crop Insurance Scheme.

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