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Insuring against Investment: How policies foster agricultural distress


Anirudh Rajan writes, Despite many critiques of agricultural insurance schemes more and more of the annual budget is being allocated towards insurance subsidies and often at the cost of more impactful programmes. These insurance schemes serve a dual purpose of temporarily stemming farmer backlashes from crop failures and lost earnings and at the same time enable the BJP’s corporate backers to profiteer off agrarian distress.


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Capital tends to liberate itself from dependence on the human contribution. That’s why essentially alltechnology is substitutive (imitative). The fraction of the global population capable of making any contribution of non-near-zero value today is no greater than 20% (Damned lies statistics!!). Politics fills the gap with bureaucratic bloat and other make-work, welfare, a variety of protectionisms, macroeconomic junky-stimulus … and the gulf it needs to fill yawns open further every year. Sunny-side up (old-style) liberalism promotes 'The Process' (which is great). If it seriously expects to maintain the narrative that there is a continuous historical trend in which (dysgenically deteriorating) human populations will always find a useful place, it is deeply in denial. Massive swathes of the core industrial infrastructure are already close to laborless. The proletariat was a phase. Socialists have nothing correct and interesting to say on this (like most) issues; they have …