It's hard to answer because I suspect the final word is meant to be plural: schemes.
If it is 'scheme' then it needs the definite article: the scheme. (Or perhaps any scheme) Little mistakes like these cause us headaches!
You need the before "settlement".
You don't need to repeat use ("uses"..."use").
You are right that in can mean concerning. But concerning is not what is needed here. Your sentence simply means these schemes include matters of compensation.
I imagine these crop-insurance schemes have been imposed by government or local authorities, in which case they are like guidelines according to which or laws under which we do such-and-such.
Under new laws, visitors will be searched on entering the Houses of Parliament.
According to new guidelines people with symptoms of the virus should not visit their relatives in Durham.
One of the most important uses of drones in the Indian context,
however, is in the settlement of compensation under crop-insurance
I'm sure it doesn't fit your answer keys but I would separate the repeated "in the" by re-phrasing it:
In the Indian context, however, one of the most important uses of
drones is in the settlement of compensation under crop-insurance