Agroinsurance

NEWS

India - The vulnerability of agriculture to climate change

02.07.2024 533 views

Climate change has hit farmers and governments hard as drought, hailstorms and floods become more frequent. Most Indian farmers are not covered by insurance and all do not receive relief for crop damage. Yet on an average these payouts averaged about Rs24,000 crore per year between 2014-15 and 2016-17.

The total economic loss to agriculture could be many times higher— last year’s Economic Survey noted that India incurs losses of about $9-10 billion annually (Rs62,000 crore) due to extreme weather events.

Rs71,124 crores

What farmers received as insurance payouts and relief for crop loss due to climate events like drought, floods and hailstorms in just three years between 2014-15 and 2016-17.

Maharashtra

The most vulnerable state in India where farmers received Rs16,330 crore in relief and insurance payouts.

2016-17

An overall normal monsoon year when farmers received a staggering Rs18,512 crore in payouts and relief due to erratic rainfall distribution.

Source - https://www.livemint.com

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22.10.2024

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