PERFORMANCE EVALUATION OF CROP INSURANCE SCHEMES IN HARYANA

Agriculture sector performs a vital role in developing the Indian economy and it can be considered the backbone of the industry and service sector. Agriculture sector still depends upon the weather and climate conditions, which is always uncertain and unpredictable. Crop insurance is one of the ways through which the farmers may be protected from the financial loss of their crops against the natural disasters. The study is an attempt to assess the performance of the crop insurance schemes implemented in Haryana. Economic survey of Haryana and the annual reports of the Agriculture Insurance Company (AIC) for several periods were examined. The result of the study indicates that only few schemes are implemented in the Haryana in comparison to other states of India. The Pradhan Mantri Fasal Bima Yojana performs better continuously and proves beneficial for the farmers of Haryana. As a policy implication, policymaker should frame a provision of no claim bonus for the farmers to encourage them towards crop insurance scheme.