‘Facebook presents One India’ is a series which showcases stories of ordinary people coming together to impact the lives of many for the better. The Season 2 of One India revolves around the spirit of change and revolutionizing things using technology. This season is all about the stories that will reach and empower the communities.
This episode of One India presents to you the story of a startup that changed lives by using big data analytics into the agriculture sector- SatSure.
Providing employment to more than 50% of India’s workforce, agriculture becomes one of the most important sectors of the country. SatSure has been helping the farmers in India to learn and develop new ways in agriculture. It might become difficult for the farmer to cope with climatic changes in the future and the effects it has on agriculture. However, with artificial intelligence, big data analytics, and satellite sensing, SatSure helps in comprehending and solving problems. It also helps in bringing people together, identifying market risks and much more.
We were working with a bank. We were able to give them risk parameters and across 20% of the portfolio they trialled, the impact that they told us of was by using our data and methodology in lending policy, in sourcing, and collecting loans, they were able to increase their top line lending by 2%and reduce the NPAs, improve their collection efficiency by 1.5%. That gives the confidence to the bank to deploy more capital in this area. That percolates down to hundreds and thousands of farmers. We would absolutely need technology to play a role in allowing the farmers to be collective.
In this episode, the panel discusses the impact of technology like big data analytics on agriculture and the need of more efficient crop insurance plans.The panel comprised of Amardeep Sibia (CEO, SatSure India), Dr. Suhas P. Wani (Director, ICRISAT Development Center), Dr. G.V. Ramanjaneyulu (Executive Director - Centre for Sustainable Agriculture), Prof. Ashwini Chattre (Executive Director - Public Policy, ISB Hyderabad). The panel discussed how comprehending the production of a farmer and the risk factors involved helps the producers and investment sectors to work towards risk management and plan ahead. They also discussed the involvement of government in the use of micro data for the agriculture sector and the shift of focus from production to cost involved. Management intervention movements that reduce costs are becoming important. This is to ensure that the farmers do not incur a loss, because in many cases, overproduction leads to low costs. The panel discussed more aspects in agriculture that can be impacted by technology and how to plan the same.
Watch more to know about the phenomenal impacts of technology on the agriculture sector of India.