Despite tremendous industrial advancement, Bangladesh’s economy is still hugely dependent on agriculture. This sector represents nearly 30 percent of the national gross domestic product (GDP).
Every year, a huge amount of crop is damaged due to natural calamities such as flood, storm, etc. The farmers who represent the poorest segment in our society have no financial protection against the vagaries of nature. To provide farmers with some kind of safety net, the government can introduce crop insurance.
Currently, the government runs a few pilot projects that incorporate crop insurance with the assistance of foreign donors. That is not enough. Bangladesh government must make crop insurance compulsory for farmers, especially those in disaster-prone areas, and set aside a fund for this purpose. We can also impose a levy on banks and insurance companies to lessen the burden on the government.
Source – http://www.thedailystar.net