Under the initiative, the GreenSat Innovation App will offer end-to-end support that extends from precision farming to banking, market linkages, and innovative crop insurance products
The Smart FPO model will provide farmers with complete end to end tech-support through the GreenSat Innovations and IndiaHub app right from gathering information to connecting farmers with financial service providers. GreenSat Innovation Labs Pvt. Ltd. a leading agritech company signed an MoU with Gramin Vikas Trust (GVT), a rural welfare organization, and IndiaHub e-Governance Pvt. Ltd., an innovation-driven start-up, as a technology partner for their Smart FPO (Farmer Producer Organization) initiative.
Under the initiative, the GreenSat Innovation App will offer end-to-end support that extends from precision farming to banking, market linkages, and innovative crop insurance products. In addition, it will offer direct access to National Commodity and Derivatives Exchange (NCDEX) wherein the latter will offer a commodity trading platform for the bigger FPOs, providing farmers with direct access to the market.
The targeted project size for the first year (2021-22) is 100 FPOs with 500 FPOs planned for each successive year. More than 10,000 farmers have already signed up for the project with an additional 5,00,000 farmers expected to be on-boarded by March 2022.
Speaking about the initiative, Deepak Yadav, Founder, GreenSat Innovation Labs Pvt. Ltd., said, “At GreenSat our focus has been on utilizing the power of technology and data to offer innovative solutions to our farmers. We believe that technology is the game-changer that can revolutionize agriculture, removing bottlenecks that have crippled the sector for decades. This partnership is the result of our determination to offer complete end-to-end solutions for farmers where they can find information, finance, insurance cover, and a market for their products. We are glad that Gramin Vikas Trust (GVT) picked us as their partner for this project with their proven track record in successfully implementing rural welfare projects. IndiaHub shares our passion for utilizing technology to bring sustainable solutions for farmers. Together, we hope to revolutionize farming as we know it, providing farmers with a single platform for all their requirements.” Co-curated by GreenSat Innovation Labs Pvt Ltd, the initiative is aimed at developing an Atmanirbhar Kisan – Smart FPO model to offer low-cost user-friendly technology to address the four major challenges faced by most farmers today, namely, crop management, gathering funds, ensuring adequate insurance cover, and market linkages for sales. These challenges will be addressed through two of GreenSat’s innovative tech-based solutions, namely, precision farming services, and its faceless agri-banker concept.
Shri Shiv Shanker Singh, Chief Executing Officer, Gramin Vikas Trust further explained, “When GreenSat approached us with the Smart FPO initiative, we immediately realized that it would fit with GVT’s vision of bringing sustainable improvement into the lives of our rural poor and marginalized communities. It would bring the power of technology to our farmers’ doorstep, providing them with critical information, while connecting them with much-needed financial and market support. With this comprehensive support on one platform, it will also help in transforming rural communities, giving people the power to harness technology and bring change into their own lives.” The app will offer users access to both precision farming services and the faceless agri-banker concept. Precision farming services will offer farmers critical information such as weather forecasts, detection of diseases and pests, crop growth monitoring, nutrient tracking, irrigation management, and agri-doctor assistance. The faceless agri-banker concept integrates all financial support services in one place, including, loans, insurance, sales, commodity research, and access to NCDEX.
Source: Business World