UNDP partners Absolute to promote innovation, digitalization of PMFBY

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Pradhan Mantri Fasal Bima Yojana (PMFBY) and enhance the resilience of farmers. The partnership aims to boost the implementation of the PMFBY and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) by building technical capabilities of the scheme and digitalizing service delivery of crop insurance and agricultural credit processes to increase reach and uptake of the schemes. It will also promote credit profiling of farmers, agri-entrepreneurs, and Farmer Producers Organizations (FPOs), for accurate crop loss assessment and risk evaluation to mobilize agriculture financing.

UNDP and Absolute will use advanced technology and data-driven solutions to facilitate farmland identification and enhance farm monitoring, R&D, and analytical capabilities to facilitate data-driven policymaking and fraud analytics, ensuring efficient and transparent delivery of government support to vulnerable farmers. India's agriculture produce is particularly vulnerable to weather fluctuations, pest attacks, erratic rainfall, and humidity. These factors lead to lower yields and hit income of farmers each year.

India lost 33.9 million ha of cropped area between 2015 and 2021 due to floods and excess rains and 35 million ha due to drought. “We are witnessing an increasing trend of climate driven yield losses in agriculture. This partnership with UNDP is a strong step forward in mitigating this increasing risk pattern which can potentially impact over 120 million farmers across the country," said Agam Khare, founder and CEO of Absolute.