Pradhan Mantri Fasal Bima Yojana

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Accounting For The Rain Gods: How Index-Based Crop Insurance Can Help Farmers

The Modi government has made a serious attempt to address agrarian distress in India by announcing the crop insurance scheme last week. It is imperative, however, that we learn from the mistakes of other countries and urgently fine-tune this simple product to make it financially viable in the long run. And the fine-tuning is easy -- instead of measuring the crop losses of farmers let us just measure the performance of the rain gods!