My advice is that any such publically funded insurance scheme should mainly cover systemic risk faced by the majority of farmers such as a general epidemic or extreme weather conditions.
An assessment of India's innate strengths can be gauged from a comparison of the state of the economy today after three years of multiple shocks, with the situation during the taper tantrum in 2013 when India was labelled as among the fragile five. India's current account deficit had widened to 4.8 per cent of GDP in 2012-13, clearly above the sustainable level.