AgroSpectrum - AgroSpectrum India June 2024

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Offsetting Extreme Weather Impact with Tech-Driven Insurance
India, like many other countries, faces challenges such as weather fluctuations, pest attacks, erratic rainfall, and humidity, affecting agricultural produce. These factors lead to lower yields and income for farmers each year. Between 2015 and 2021, India lost 33.9 million hectares of cropped area due to floods and excess rains and 35
million hectares due to drought. To address this, the government of India is increasingly considering “parametric” insurance or weather-based index insurance, which relies on predefined parameters to trigger a payout. This helps overcome the shortcomings of indemnity-based insurance by directly linking the compensation to specific parameters rather than farmers’ actual loss. The results are reduced transaction costs, greater transparency, and a faster processing time. Weather-based index insurance can rely on remotely sensed weather data to determine
a threshold level of weather variables. Both the government and private insurers are recognising the potential of index-based insurance. Collaborative efforts and technology startups specialising in agri-tech are leading the way in fine-tuning and promoting these innovative insurance solutions. In an era of digitisation, technology is pivotal in refining index-based insurance. Satellite data aids accurate monitoring of weather patterns, while AI algorithms can help predict and set appropriate indices. Let’s explore how tech-driven crop insurance and the leveraging of AI in insurance payouts is poised to disrupt the crop insurance landscape in India.

Offsetting Extreme Weather Impact with TECH-DRIVEN INSURANCE

India, like many other countries, faces challenges such as weather fluctuations, pest attacks, erratic rainfall, and humidity, affecting agricultural produce. These factors lead to lower yields and income for farmers each year.

10 mins

Efforts to Dethrone Reigning King of SPICES?

As per the Spices Board of India the domestic spice market alone is valued at an astounding $10 billion, positioning India as the world's largest consumer of spices. With over 200 spices and value-added products exported to approximately 180 countries, India has undeniably risen as a global spice powerhouse, with exports totaling $4 billion. What's at stake here is of monumental value, one is the sheer economic worth of spices exports and second, and undeniably the most important, is the reputation of the country's exports. Let's unravel this latest controversy propped up against one of India's key exports.

9 mins

Why Focus on Renewable Energy is Crucial for Indian Agri

The present government at the centre, is diligently plotting a course to reduce future imports of fossil fuels. To get there, the government is implementing many eco-friendly policies across many sectors, including transportation, energy, logistics, and cars. Similarly, this sustainable revolution is also having an impact on agriculture, which is one of India's most important sectors. Rural parts of India are set to benefit from solar pumps and grid-connected power plants thanks to initiatives like the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM). The world has understood the importance of renewable energy resources and safeguarding the environment at the same time. Let's explore the scope and implementation of renewable energy in the Indian agriculture sector.

6 mins

"Precision agriculture and data-driven technologies such as satellite imagery are key to reducing costs and wastage"

The International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), has developed the Agribusiness and Innovation Platform (AIP), for agricultural and agribusiness industries. AIP offers a nurturing and empowering atmosphere through its network of experienced mentors, investors, and stakeholders. In an exclusive interview with AgroSpectrum, Dr Dinesh Kumar Chauhan, the recentlyappointed CEO of ICRISAT's Agribusiness and Innovation Platform, discusses recent advancements in the AIP programme and how it can strengthen the agri-ecosystem. Edited excerpts:

6 mins

"Sustainability is not an option; it is the only way forward"

Agrovision Foundation Round Table Discussion

5 mins

Role of Future AgriTech-Microbots

India is one of the world's top producers of food, and its agricultural sector generates more than 20 per cent of its total GDP, highlighting the significance of agriculture to the nation's economy, according to McKinsey. However, there is an increasing awareness that the changing farming situation demands a comprehensive approach. While India continues to play an essential role in global food production, adopting this comprehensive view is critical to ensuring the agricultural sector's longterm survival in the face of changing environmental and economic forces.

2 mins

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AgroSpectrum Magazine Description:

Agrospectrum is a B2B digital media platform catering to all sub-sectors and verticals of the agro business – from food grains to inputs, machinery, live-stock, fisheries to agro tourism. It regularly updates on latest news on Agri—business and analytical & informative articles targeted at agro industry and business leadership, key decision makers; R&D, policy makers, academia and farmers’ community leaders. The portal is devoted to agriculture related business and not farming activity. It neither informs nor guides the farmers on direct farming, but handles allied and peripheral areas of agriculture related activity called agriculture business.