RISK ANALYSIS OF CROPS GROWN IN INDIA. Reference paper: Agricultural Insurance in India: Problems and Prospects by S. S. Raju and Ramesh Chand India has been able to produce enough wheat and rice to feed a population of more than 1 billion people with a low co-efficient of variation of 10 for more than 20 years. That is a great achievement. Higher risks in certain states is due to lower availability of water. Alternatives to wheat and rice in high risk states can be identified by correlation analysis as shown here.