Political Economy of Disaster Risk Financing in India

This book examines the political-economic perspective on the strategic dimensions of disaster risk financing in India. It argues that financing is an essential part of disaster governance and needs periodic review. While disaster governance is a relatively recent development in India, disaster financing began in 1957 with the introduction of the Margin Money Scheme by the Second Finance Commission. It also throws light on the Calamity Relief Fund and the State Disaster Risk Management Fund, which provide financial assistance to states to respond to disasters. This volume is divided into three parts. Part I covers the approaches, policies, and institutions involved in disaster risk financing in India. Part II provides a comprehensive analysis of the four strategic domains of the disaster risk fundin methodology and its revision; federal discourse on the notified list of disasters, disaster risk financing schemes, and additional funding for mitigation; inclusion of local governance in strengthening disaster governance; and India’s global outlook, policy, and reach for disaster assistance. Part III uncovers how resiliency can be achieved in Indian disaster risk financing through alternative sources of financing, disaster resilience infrastructure, and insurance coverage for disasters. This book will be useful to students, researchers, and teachers of political science, public administration, public policy, economics, and governance. It will also benefit the Centre and State Finance Commissions, policy makers and general readers.