India's Ambitious 2047 Goal: Universal Insurance for Agriculture Amid Climate Risks
India has set a significant goal to achieve universal insurance coverage for the agriculture and allied sectors by 2047, marking the centenary of its independence. This initiative aims to protect farmers, herders, fishers, and rural entrepreneurs from natural calamities and climate volatility. The plan is not only about mitigating losses but also about investing in stability, innovation, and sustainable rural growth. The agriculture sector, which employs nearly half of India's workforce, faces increasing threats from erratic weather patterns, including monsoons, rising temperatures, and extreme events that affect yields and incomes. To address these challenges, India is considering a shift from traditional indemnity-based insurance schemes to parametric insurance. This new model triggers payouts based on predefined parameters like rainfall levels or temperature thresholds, offering speed, transparency, and trust. 
