IBL and BFIL Collaborate with Ministry of Agriculture and Farmers Welfare for Bharat Sanjeevani Krishi Utthan Initiative to Support Farmer Producer Organizations

Varahimedia.com online news, November 19th,2024: Aiming to empower 10,000 Farmer Producer Organizations (FPOs) across India through technology, expertise, and sustainable farming practices, enhancing farmers’ income.

New Delhi, November 18, 2024: IndusInd Bank Limited (IBL) and Bharat Financial Inclusion Limited (BFIL), a fully owned subsidiary of IBL, have announced their partnership with the Ministry of Agriculture and Farmers Welfare (MoA & FW), Government of India, to launch the Bharat Sanjeevani Krishi Utthan Initiative.

The initiative aligns with the government’s flagship program, “Formation and Promotion of 10,000 Farmer Producer Organizations (FPOs),” designed to provide a comprehensive framework to empower FPOs across the nation.

FPOs play a crucial role in enhancing farmers’ bargaining power, lowering production costs, and improving incomes by aggregating agricultural produce. This initiative contributes significantly to the government’s overarching strategy to improve agricultural productivity, particularly for marginalized farmers.

The collaboration, spearheaded by BFIL and IBL’s Corporate Social Responsibility (CSR) efforts, aims to improve agricultural output, foster sustainable farming, and consistently boost farmer incomes across 11 states: Andhra Pradesh, Bihar, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Telangana, Uttar Pradesh, and West Bengal.

Through the Bharat Sanjeevani Krishi Utthan initiative, BFIL and IBL will establish a Centralized Project Management Unit (CPMU) at the national level and in the 11 target states, ensuring efficient implementation and monitoring of FPO projects.

The MoU marks a pioneering public-private partnership in agricultural development, bringing together the Ministry of Agriculture and corporate entities for the first time to support FPO growth.

Through this initiative, BFIL and IBL will provide technical support in data management, capacity building, IT infrastructure, and other key areas to help optimize operations, enhance resilience, and expand business opportunities for FPOs.

Experts in agriculture, food processing, market linkages, cold chains, and social sectors will be deployed to ensure smooth day-to-day operations.

The MoU was officially signed by the Ministry of Agriculture and Farmers Welfare (MoA & FW), Government of India, BFIL, and IBL.

In response to the partnership, Mr. Faiz Ahmed Kidwai, Additional Secretary, MoA & FW, Government of India, commented, “BFIL and IBL’s commitment to integrating technology in agriculture is commendable.

By harnessing IT solutions, providing management support, and leveraging their expertise, they are empowering farmers to make data-driven decisions that will enhance production practices and contribute to the agricultural sector’s growth and sustainability.”

Mr. Srinivas Bonam, Head – Inclusive Banking, CSR & Sustainability, IBL, added, “This partnership marks a significant step in our commitment to sustainable and inclusive growth. By expanding our support from agri-allied services to core agriculture, we are working towards strengthening agricultural resilience and rural empowerment in line with national goals.”

Mr. J. Sridharan, Executive Vice Chairman, BFIL, further said, “We are proud to launch the Bharat Sanjeevani Krishi Utthan initiative, which will support the growth of FPOs. Our previous work in agri-allied sectors has provided a strong foundation for us to now bring similar technology-driven solutions to mainstream agriculture, ultimately enhancing farmers’ incomes in a sustainable manner.”

Having established a successful track record in the agri-allied sectors through Bharat Sanjeevani, a digital initiative offering veterinary services to farmers, BFIL and IBL are now expanding their support to the agriculture sector. The Bharat Sanjeevani Krishi Utthan initiative will be jointly reviewed by BFIL, IBL, and the Ministry of Agriculture on a quarterly basis to monitor progress, resolve challenges, and ensure the achievement of project goals.

This partnership reaffirms BFIL and IBL’s commitment to strengthening India’s agricultural sector by providing critical resources, technical expertise, and support for the long-term benefit of farmers across the country.