AGRICULTURAL INSURANCE - THE NEED OF THE HOUR

India is an agriculture oriented nation. A large no. of people in the country depend upon agriculture for their livelihood. But in India, it is not so easy for the farmers to earn sufficient income as agriculture depends upon uncertain weather and other biological factors. Low productivity or crop failure due to such unfavourable conditions result in poor economic condition of farmers. Less income or no income at all and high loans taken for agriculture add on to their misery. They find themselves trapped in such a situation where the schemes of the government do not reach to them effectively and thus they find themselves left with no other option but suicide. Moreover low agriculture productivity affects the agribusiness activities as well which in turn has a direct bearing on the national income of the country. In such scenario, agricultural insurance becomes a need to improve the condition of the farmers, support them economically and thus saving their lives which will ultimately benefit the country. This paper has analyzed the major risks involved in Indian agriculture and the growing need of agricultural insurance.