Artificial Intelligence (AI) holds the key to revolutionising the lives of farmers in India and has been one of the latest technologies that have gained significant recognition in the agricultural sector.
There's no doubt that crop yields, quality, and labour practices are more efficient now than they were 50 years ago. However, there's still a major need and scope for improvements. The global human population is exploding, with an estimated 9.9 billion of us on the planet by 2050 and with food demand projected to leap by 35%-56% in that time. And that's not to mention climatic changes that make resources like water and farmable land scarcer. From leveraging computer vision technology for crop and soil monitoring to disease detection and predictive analytics, the agriculture industry is entering a whole new phase of evolution-thanks to Al.
Not only is there potential, but also rapidly growing interest and investment:
Forbes reports that global spending on "smart" agriculture, including Al and machine learning, is projected to triple to $15.3 billion by 2025.
Research suggests that the market size of Al in agriculture should expect a compound annual growth rate (CAGR) of 20%, reaching $2.5 billion by 2026.
Finance Minister Sitharaman, in her speech during budget 2023-24, also mentioned building a "digital public infrastructure" for agriculture to enable "inclusive, farmer-centric solutions through relevant information services for crop planning and health, improved access to farm inputs, credit and insurance, help for crop estimation, market intelligence, and support for growth of Agri-tech industry and start-ups". In fact, the overall allocation for the sector saw an increase of 4.7 per cent - from Rs 11,02,54.53 crore in the Revised Estimates (RE) of financial year (FY) 2022-23 to Rs 11,55,31.79 crore in 2023-24.
Bu hikaye BANKING FINANCE dergisinin May 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye BANKING FINANCE dergisinin May 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
ICICI Bank partners with PhonePe to offer instant credit on UPI
ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.
Indiagold Eyes Major Expansion in India's Gold Loan Market
Indiagold, a prominent fintech company specialising in gold loans, is set to disrupt the gold loan industry with its ambitious expansion plans and innovative product offerings.
RBI CIRCULAR
Facilitating accessibility to digital payment systems for Persons with Disabilities Guidelines
Legal News
The Supreme Court announced the launch of a new webpage on its official website providing summaries of landmark judgments.
The Role and Impact of the Insolvency and Bankruptcy Code (IBC) in NPA Recovery
Indian banks, especially grappling with the mounting challenge of Non-Performing Assets (NPAs) within Scheduled Commercial Banks (SCBs), are experiencing a significant downturn in their capacity for credit recycling, resulting in reduced business opportunities and declining profits. However, various factors contributing to the severity of NPA problem are including macro-economic, political, and internal factors, emphasizing the complexity of the issue. With this background, the present study puts an effort to look at the role of the Insolvency and Bankruptcy Code (IBC) in NPA recovery and also showcasing its significance in resolving insolvency and maximizing creditor recovery.
Big Data in Banking: Analysing its Role, Advantages and Challenges
Globally Inflation started rising post April 2021 and went above the target range set by most of the Central Banks. It had remained low and dormant for a substantial duration since the global financial crisis. CPI inflation in developed countries such as US, UK and Euro zone, began to exceed their traditional target of 2% and continue to stay at these elevated levels till recent time.
Is SIP Always the Best Option? A Look into Lump-Sum vs SIP During Volatile Markets
SIP is a method of investing a fixed amount at regular intervals, typically monthly, into a mutual fund. It allows investors to buy more units when prices are low and fewer when prices are high, a process known as rupee cost averaging.
Strategies for Mutual Fund Retail Investors during market downturns
When stock markets experience a decline, mutual fund investors often face a sense of insecurity and apprehension. The volatility can lead to impulsive decisions, which, rather than securing financial health, may impair long-term investment objectives.
The Rise of Green Marketing: Driving Sustainable Change
Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.
Fraud Risk Management In Banking
Fraud risk management is a fundamental aspect of overall Risk Management within the banking sector. In India, banks adhere strictly to guidelines set forth by the Reserve Bank of India (RBI) to prevent, detect, and promptly report fraudulent activities.
