 "Narendra Modi, Narendra Modi government, Minimum Support Price, MSP, kharif crop prices, Madan Sabnavis")
The government’s move to increase the minimum support price (MSP) for 14 kharif crops will have minimal effect on the Pradhan Mantri Fasal Bima Yojana (PMFBY) as well as the crop insurance market, according to insurance company executives.
“The underwriting process for PMFBY does not depend on the prices or MSP for a crop. Instead, we look at the results of crop cutting experiments, historical yield data, irrigation, drought, and other factors, to price the premium,” said the head of a underwriting and claims department at a private insurance company.
Last year, during the 2017 kharif season, 32.7 million farmers paid Rs
