New Delhi: India, which is among the global leaders in agriculture, is close to major farm makeover through a new initiative that will fund climate resilience technologies for farming. While more than half of this country’s workforce may be employed by agriculture, it contributes to only 20.2 percent of the country’s GDP, states the Indian Economic Survey of 2020-21. For better food security and higher global competitiveness, India needs to work on food wastage, lack of infrastructure, and failure to adopt better agricultural technologies.
Financing is one of the basic problems in agriculture. Small and marginal farmers face difficulties in gaining access to formal credit. Most turn, therefore, to informal lenders who charge exorbitant interest rates, sucking many into a cycle of debt from which they cannot get out, thus preventing them from investing in more efficient and sustainable farming practices. On this count, the finding of adequate financial solutions is necessarily innovative and collaborative.
New Initiative on Financing Resilience in Climate Change
It is in this backdrop that the Sustain Plus Energy Foundation and Deutsche Gesellschaft für Internationale Zusammenarbeit have put together an initiative titled “Financing Technologies for Climate Resilience in Agriculture.” This intervention represents one comprehensive set of efforts aimed at strengthening climate adaptation in Indian agriculture—a sojourn, clear and plain, towards sustainability. LoanXpress has been roped in to aid this initiative with easy credit to farmers so that they are able to practice climate-smart agriculture.
It focuses on technologies for agricultural resilience against climatic change. One of them is the Solar Irradiation System with Drip and Mulch, a solar-powered water pump for the effective irrigation of crops. Such technology will reduce consumption of water and increase crop yields. Biodigesters convert animal waste to biogas and organic fertilizer, promoting sustainable farming and reducing carbon footprints.
Another such innovation is the Portable Solar Pump, which can extend farmers’ access to distant water sources—something that is important in adapting to an increasingly variable availability of water in the face of climate change. Another interesting and innovative technology is that of Net House nurseries, designed to protect crops from environmental stressors and help farmers grow plants anytime in a year. The farmers who use this technology will have a bumper return in less than two years.
Other key technologies include solar-powered poultry lights, which improve the efficiency of poultry farms, and solar-powered hydroponics systems for raising nutrient-rich feed for cattle. Another aspect involves bioinputs like hydrogel and non-toxic animal repellents that help farmers in efficient, sustainable farming practices.
Collaboration and Financial Support
These climate resilience technologies, showcased by Sa Dhan, bring manufacturers, financial institutions, and agricultural communities into very close collaboration. These technologies help the initiative to reduce carbon emissions from farming, conserve natural resources, and decrease farmers’ operational costs. This not only increases agricultural productivity but also raises farmers’ incomes through increased yields and efficient resource use.
This initiative has warmed the hearts of many financial institutions that are now recognizing the benefits of investing in sustainability programs. The financial institutions, through their subsidized loans to unserved farmers, thus help scale up the adoption of climate-smart technologies. This support is therefore catalytic to stimulate economic growth in the farm sector while making India more resilient to climate change.
The Agricultural Future of India: All Set for Its Impact
This strategic step of SPEF, GIZ, and other stakeholders towards implementing climate-smart technologies will increase agricultural productivity and resultant sustainable farming practices across India. When the country is more increasingly playing its role in global agriculture, such initiatives open up avenues towards resiliency and prosperity for farming communities in the times to come.
By investing in climate resilience technologies and providing financial support to farmers, India is not only enhancing its food security but also positioning itself as a leader in sustainable agriculture. That move gives out a very strong signal on how much collaboration between the government, private sector, and financial institutions is necessary to fulfill the long-term goals of sustainability.
Source: Sustain Plus Energy Foundation (SPEF) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)