If all goes according to plan, software giant Microsoft will come to the aid of farmers in Karnataka who constantly struggle with an unpredictable market.
The Agriculture Department has signed a Memorandum of Understanding with Microsoft India to develop an unique ‘farm price forecasting model’ using the latest IT tools in a bid to help farmers, administrators and other stakeholders understand the market behaviour in advance.
The proposed initiative is said to be the first-of-its-kind in the country, as it is a ‘multi-variate’ one that takes into consideration various factors beyond the conventional supply-demand equation. It will examine a slew of related factors, including weather, rainfall and external factors, that impact market behaviour.
According to Dr. T.N. Prakash Kammaradi, chairman of the Karnataka Agriculture Prices Commission (KAPC), which is supervising the project, the model would provide real-time market data and help analyse its implications on the farm sector. “What we are trying to achieve is predictability as well as stability of farm incomes,” he said. Knowing the market situation in advance would help farmers, policy makers and industry make informed decisions, he noted.
Advance prep
On the other hand, the forecast would help the government prepare in advance for market intervention if there is an indication of price crash, he pointed out. The model is expected to be in place for the next kharif crop.
Microsoft has already taken up a 100-day study on the price pattern of onion and toor dal. Depending upon the outcome, the price forecasting model would be applied to other crops later, Dr. Prakash said.
The initiative appears to have caught the attention of the Centre, which has sought suggestions from the KAPC on the importance of price forecasting for its initiative to double farmers’ incomes. Microsoft would also develop a software for providing sowing advisory services to farmers.
