India is an agrarian country. According to World Bank report 2023-24, nearby 47% of population depends on agriculture and allied sectors. Maharashtra is a main state in agrarian production and is highly susceptible to natural disasters. This research paper presents a statistical analysis of the performance of PMFBY, implemented in Maharashtra state since 2016. In this study, researcher used statistical ratios such as financial performance ratios (i.e. loss ratio, payer-specific claim ration, and benefit pay-out ratio), enrollment and coverage ratios (i.e. Non-loanee penetration and average insured area), and efficiency and subsidy ratios. The result of the study shows that the scheme has provided effective financial protection to farmers through high value of Payer-specific claim Ratio. this scheme has verified to be an outstanding and crucial financial safety net for farmers. during natural disasters. The high level of the loss ratio has confirmed that the scheme works effectively. Also, the scheme is successfully working as a voluntary basis and reach to small and marginal farmers. It concludes that, the scheme was successfully in enrollment and penetration. On the point of view of the farmers, this scheme has become a safety net but it needs to overcome major administrative and financial challenges such as instability in Benefit pay-out ratio, low coverage among non-lonee farmers and the growing subsidy burden on the government of Maharashtra after launching One Rupee Crop Insurance Scheme. This study provides crucial visions for policy perfections of PMFBY in Maharashtra state.
Dr. Vishnukant P. Shelke (Sun,) studied this question.