WEF & NITI Ayog to Focus on Emerging Tech to Benefit Small & Marginal Farmers

World Economic Forum (WEF), in collaboration with the government's think tank Niti Aayog, is focusing on how to better use emerging technologies like artificial intelligence (AI), the Internet of Things (IoT), blockchain, and drones to benefit farmers, particularly small and marginal farmers.

Purushottam Kaushik, Head, Center for the Fourth Industrial Revolution (CFIR), World Economic Forum (WEF), India, says the CFIR was established three and a half years ago to assist core sectors such as agriculture, health, urban transformation, urban space, and environment in leveraging the fourth industrial revolution (4IR).

"We launched our agricultural initiative two years ago. Initially, we worked with the Telangana government to use AI for agricultural innovation. "At the same time, we began working with the Union Ministry of Agriculture to launch the India digital ecosystem for agriculture (IDEA) at the Professor Jayashankar Telangana State Agricultural University," Kaushik said.

These were the starting points for the WEF, which then began working with various states, including the Agriculture Ministry, to build various programmes around it.

According to the World Economic Forum, there are "three buckets of challenges" that must be addressed in order to improve the economy of small farmers. "We are collaborating with the Agriculture Ministry and a few other states to examine major opportunities and challenges, as well as how to capitalize on them in the short and long term." "We are in discussions with the government on programmes and policy," said the WEF Indian CFIR head.

The first of the "three buckets of challenge," he said, was one of inclusivity. "Small-holding farmers do not have a credit history." Women farmers face difficulties because they do not own land. Credit availability is a problem for both. They are forced to borrow at rates that are 10-15% higher than those offered by banks. The 35-40% interest rate on the credit they obtain privately is unsustainable, according to Kaushik.

To meet this challenge, the World Economic Forum focuses on financial inclusion and insurance, as banks currently face the greatest difficulty in providing loans. As a result, he said, the forum works to ensure that remote sensing satellite crop imagery is used to determine crop conditions and considers various funding options.

The second step is to address the issue of sustainability. Farmers use excess fertilizer, pesticides, and water, in addition to dealing with floods. The WEF contributes to the investigation of better technological services to improve sustainable farming and reduce costs.

The third challenge is the efficiency challenge, in which farmers face a post-harvest waste of more than 40%. "Farmers' surpluses do not generate revenue." It is squandered. The World Economic Forum is investigating how to plug these leaks through market mechanisms. We strive to increase revenue by improving markets, quality, and traceability. "We also assist them in overcoming warehouse challenges," said the CFIR director.

WEF would like to improve the use of science and technology in providing digital advisories. This will aid in the application of fertilizer and pesticides. "For example, cotton farmers are dealing with increased pesticide use. "The WEF initiative will help them give the right advice on which pesticide should be used when and how," the CFIR head said.