Photo source : NeML blog
NCDEX e Markets Limited (NeML), India’s leading integrated e-Markets platform for commodities and intangibles has enA memorandum of understanding aims to increase farmers’ income and protect their produce: Narendra Singh Tomar
A Memorandum of Understanding (MoU) was signed on 14 September 2021 between NCDEX e Markets Limited (NeML), India’s leading integrated e-Markets platform for commodities and intangibles.
NeML will undertake pilot projects in three districts under this MoU with the Government of India to help develop an agri-stack that will enable it to design, develop, and implement technology-enabled solutions for Indian agriculture.
Mrugank Paranjape, Managing Director & Chief Executive Officer, NeML explained, “We at NeML are proud and honoured to partner with Government and act as an enabler in its mission of doubling farmer income. NeML has been a pioneer in digitising the Indian agriculture and positively impacted lives of millions of farmers around the country for the past 15-years of our existence. We thank the Government for this opportunity and we will leverage our experience of being the leading provider of integrated e-market solutions in the country to help Government meet its stated objective from a farmer welfare perspective.”
Narendra Singh Tomar, Hon’ble Minister of Agriculture & Farmers Welfare of India, Kailash Choudhary, Hon’ble Minister of State, Ms Shobha Karandlaje, Minister of State, Shri Sanjay Aggarwal, Secretary, DA & FW, Vivek Aggarwal, Additional Secretary (Digital Agriculture), Vijay Rajmohan, Director (Digital Agriculture) attended the MoU signing ceremony. During the signing ceremony held at Krishi Bhavan, New Delhi on 14 September 2021, NeML was represented by Mrugank Paranjape, CEO and Puneet Gupta, Independent Non-Executive Director.
In the country’s agricultural value chain, these pilot projects will lead to the introduction of efficient Service & Solutions, resulting in a goal of doubling farmers’ incomes in the end.
A year after concluding the MOUs, the efficient solutions identified will be scaled up across the country. These pilot projects will initially be implemented in three Districts / States, viz. Guntur (Andhra Pradesh), Devanagere (Karnataka) and Nasik (Maharashtra).
The data residing at various government organizations will be scrubbed and sanitized for processing by NeML before being used as a basis for its data architecture. In order to derive meaningful and actionable intelligence from this data, NeML will utilize sophisticated Artificial Learning and Machine Learning technologies.
Among its other projects, NeML will use this data to develop a National FPO Depository that will help facilitate FPOs to run efficiently by generating membership reports, commodity inventories, location-based reports, crop details, storage details, logistic requirements, and credit linkages.
Moreover, NeML proposes a second pilot to provide Market Linkages to Farmers and Farmers’ Producers Organizations. This platform will connect the local farmers and FPOs to NeML’s verified KYC compliant buyer database, which is the largest such database in India, which will be powered by Agri-Stack.
Furthermore, NeML will use its existing leadership position as the leading provider of e-market platforms in the sector to develop Farmer centric Market Models using Hub and Spoke and farmer-to-retail chain prototypes. As well as providing these participants with market links, NeML’s e-Pledge and Electronic Negotiable Warehouse Receipts solutions will also empower them in terms of financial empowerment. Both buyers and sellers will be able to access easy credit through these solutions to avoid a distressed sale.
