UNDP and Absolute® Partner to Strengthen India’s Agricultural Resilience

UNDP and Absolute® Partner to Strengthen India's Agricultural Resilience
UNDP and Absolute® Partner to Strengthen India's Agricultural Resilience

In a landmark partnership, the United Nations Development Programme (UNDP) and bioscience company Absolute® have signed a Memorandum of Understanding (MoU) to fortify India’s flagship agricultural initiative, the Pradhan Mantri Fasal Bima Yojana (PMFBY). The primary focus of this collaboration is to enhance the resilience of Indian farmers, who grapple with adversities like unpredictable weather patterns, pest infestations, irregular rainfall, and humidity variations, leading to decreased crop yields and income.

The joint efforts of UNDP India and Absolute® are crucial in providing much-needed support to the agricultural sector and farmers as a whole. By optimizing the implementation of PMFBY and the Restructured Weather Based Crop Insurance Scheme (RWBCIS), this partnership aims to offer critical risk protection and financial aid to farmers impacted by unforeseen events, such as floods, excess rains, and droughts.

One of the key benefits of PMFBY is its role in stabilizing farmers’ income by providing financial assistance in the event of crop loss or damage, acting as a safety net during challenging times. Moreover, the scheme encourages the adoption of modern and innovative agricultural practices, helping farmers mitigate risks and increase productivity.

Beyond income stability, PMFBY also plays a vital role in facilitating the flow of credit to the agricultural sector, bolstering food security, and supporting crop diversification. The infusion of advanced technology and data-driven solutions will further enhance the efficiency and transparency of crop insurance and agricultural credit processes.

Through this collaboration, farmers will be empowered through credit profiling and accurate crop loss assessment, leading to better risk evaluation and improved access to agriculture financing. Additionally, advanced technology will facilitate farmland identification, farm monitoring, and analytical capabilities, enabling data-driven policymaking and fraud analytics.

By ensuring the efficient and transparent delivery of government support through PMFBY, vulnerable farmers who are susceptible to climate-driven yield losses will benefit immensely. This infusion of technology in the agriculture sector will ultimately contribute to increased food security, crop diversification, and overall growth and competitiveness, setting a solid foundation for India’s agricultural future.