The Karnataka Agriculture Department has signed a Memorandum of Understanding with Microsoft India to develop a “farm price forecasting model” for the farmers who are struggling in the state to deal with the unpredictable market.
The Microsoft will thus aid the farmers and other various stakeholders with the IT tools so as to make them understand the behaviour of the market. The project is in itself a first of its kind in the country as it will not only take onto consideration the pricing of the food crops but will also look into various other external factors such as weather, rainfall etcetera, that have significant impact on the market behaviour.
As per Dr. T.N. Prakash Kammaradi, Chairman of the Karnataka Agriculture Prices Commission, which is supervising the model, believes that the project would help farmers, policymakers and industry to make informed decisions in advance thereby bringing stability in the farm incomes. Further, he also pointed out that not only it will facilitate price stability and better predictability but will also help in improving the government preparedness while dealing with any instances of price crash. The model is expected to be in full operation by next Kharif season for major crops.