The Agriculture Department of Karnataka has signed a Memorandum of Understanding (MoU) with software giant Microsoft India to develop a unique ‘farm price forecasting model’.
The first-of-its-kind initiative will use the latest IT tools to aid farmers, administrators and other stakeholders to understand the market behaviour in advance. The move will enable the farmers of Karnataka, who struggle with the market’s unpredictability, to be more prepared.
The project is being supervised by the Karnataka Agriculture Prices Commission (KAPC).
Key Highlights
• The initiative will be a “multi-variate” platform that will take into consideration various factors beyond conventional supply-demand equation while forecasting prices of crops.
• It will examine a number of related factors including weather, rainfall and external factors, which impact market behaviour.
• It would also provide real-time market data and help analyse its implications on the farm sector.
• The main aim behind the project is to achieve a sense of predictability as well as stability in farm incomes.
• Knowing the market situation in advance would help farmers, policy makers and industry make informed decisions.
• It would also help the government be prepared for market intervention if there is any indication of price crash.
• The model is expected to be in place for major crops by 2018 Kharif season.
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