UNDP India, Absolute ink pact to strengthen PMFBY

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United Nations Development Program (UNDP) f Absolute, a biosciences companysigned a Memorandum of Understanding (MoU) to strengthen the Pradhan Mantri Fasal Bima Yojana (PMFBY) and strengthen the resilience of farmers.

According to a statement, the partnership between UNDP India and Absolute aims to strengthen the implementation of the Restructured Weather-Based Crop Insurance Scheme (RWBCIS) by building technical capacity of the scheme and digitizing the delivery of crop insurance services and agricultural credit operations to increase access and uptake of the schemes.

It will also enhance the credit rating of farmers, agribusinesses and farmer producer organizations (FPOs), for accurate estimation of crop losses and risk assessment for mobilizing agricultural finance.

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UNDP and Absolute will also use advanced technology and data-driven solutions to facilitate farmland identification and strengthen farm monitoring, research and development, and analytics capabilities to facilitate data-driven policymaking and fraud analytics, ensuring efficient and transparent delivery of government support to vulnerable farmers.

Impacting 120 million farmers

Quoting Agam Kher, Founder and CEO of Absolute, the statement said: “We are witnessing an increasing trend of climate-related crop losses in agriculture. This partnership with UNDP is a strong step forward in mitigating the growing pattern of risk that could affect more than 120 million farmers across the country.”

This initiative is in line with our vision to reimagine what is possible in agriculture through the intersection of basic plant science and technology. This will help us get one step closer to our goal of empowering farming communities and making agriculture climate resilient. “

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Risks are an inherent part of agriculture and are one of the biggest barriers in improving the lives of farming communities in India, said Amit Kumar, Head of Sustainable and Inclusive Growth, UNDP India. This collaboration is an important step towards enhancing the risk and credit ecosystem for agriculture in India. UNDP India is committed to working with the government and partners to help farmers in India improve resilience.