Shoppers Stop Reports Revenue Rs 1430 Crs, Up 20% YoY Non-GAAP EBITDA Rs 128 Cr Up 27% YoY In Q3FY23

·         Reports highest ever PBT at Rs.91 Cr in Q3 FY23, up 44% YoY; PAT at Rs 68 Cr, up 45% YoY

·         Continues to be debt free, post Investment in Capex of Rs 125 Cr /need based Working Capital of Rs.85 Crs.

·         Brands premiumization across categories results in strong ASP growth of 23%

·         Launches six new department stores and five beauty stores

Shoppers Stop Ltd. one of India’s leading premier retailers of fashion and beauty brands, has     declared its results for the quarter ended December 31, 2022, for the fiscal year 2022-23.

Key financial highlights for Q3 FY23:

·         Revenue at Rs 1430 Cr, up 20% YoY

·         EBITDA grew 27% YoY to Rs 128 Crs

·         PBT grew up by 44% YoY to Rs 91 Crs

·         PAT Rs 68 Crs vs Rs 47 Cr in Q3FY22

·         Debt free with a surplus cash of Rs 42 Crs

Mr. Venu Nair, MD and CEO at Shoppers Stop, commented on the Q3FY23 results, "The growth momentum continued from the second quarter, tapering down a little after Diwali. Customer sentiments remain largely buoyant due to the prolonged festive and wedding season demand. The company’s strategy to give a great buying experience to the customers is fueling footfalls at our physical stores, and eyeballs online. The revamped look and feel of the stores, and diversified product SKUs have made Shoppers Stop the preferred choice of customers.

We clocked the highest ever quarterly Sales, Gross Margin, EBITDA and PBT. Product premiumization across private brand categories has resulted in the highest quarterly sales with a growth of 23%. The beauty category was strong and reported their highest quarterly sales with a growth of 18% The company’s fund allocation strategy has kept us debt free, and we have a net surplus cash of Rs 42 Cr in our books.

Our store expansion plan is on track as we opened six department and five beauty Stores. Five more department stores are under fit out. By the fiscal year end, we plan to open a further 5 Department stores and 4 Beauty Stores in 7 cities, taking the overall store count to 280 stores in 54 cities.”

Continued robust performance from strategic pillars:

First Citizen Loyalty Customers – Continue to choose as preferred brand of choice for their fashion, lifestyle and beauty needs. Our First Citizen Members contributed 77% of our offline sales and 38% of online sales. Our engagement continues to remain focused with multiple activities during the quarter.

·         Private Brands – Private Brands category grew 23% YoY with “STOP” being the highest Apparel grossing brand.

“Fratini” grew by 48%. Men's Indian wear brand “Bandeya” grew up by 62%

·         Beauty – Beauty category was up 18% YoY and reported sales of Rs 232 Cr. “Block Friday” and “Singles Day” campaign gathered a strong response, driving the sales up by 85% during the campaign. Over 112,000 makeovers done during the quarter, created strong customer resulting in Rs.30 Crs additional sales in Beauty. In our Private Brand, “Arcelia” we launched 80 new SKUs. The total SKU count under the beauty segment has now reached 400 and above. The company intends to launch 19 SKUs of make-up, bath and body, and fragrance in the near term.

·         Store Expansion – The Company opened 6 Department and 5 Beauty stores in Q3, taking the total store count to 271, spread across 50 cities across India. With the addition of these stores, the company has now over 3.9 M sq. ft. of store presence across the length and breadth of the country. The company intends to add 5 Department and 4 Beauty stores by the end of fiscal 2022-23.

·         Omni – Our sale has been consistent; our share of Beauty and Private Brand are higher. The customer journey doesn’t just begin and end in our store, due to the variety of options present both online and in store. We are positioned to be great Omni Channel store, with significant depth and a huge role in influencing consumers to walk in through the door, as customers typically switch between online search and offline when researching the products to buy. With this in mind, we have been investing in online the best way to integrate the two to drive growth.

We have published a detailed Non-GAAP and GAAP Income Statement. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our financial statements prepared in accordance with GAAP.

About Shoppers Stop Limited: Shoppers Stop Ltd. is the nation's leading premier retailer of fashion and

beauty brands established in 1991. Spread across 96 department stores, the Company also operates 8 premium home concept stores, 142 Specialty Beauty stores of M.A.C, Estée Lauder, Bobbi Brown, Clinique, Jo Malone, Too Faced, SS Beauty and 25 Airport doors, occupying area of 3.9 M sq. ft. Shoppers Stop is home to one of the country's longest running and most coveted loyalty program 'First Citizen'. The Company's one-of-a-kind shopping assistance service, 'Personal Shopper' is revolutionizing the way Indian’s shop, bringing more value, comfort, and convenience to customer experiences. The brand's diversified Omni channel offering spans over 800+ recognized and trusted brands across an incomparable range of products that together serve our overarching objective of delivering customer delight.

AU Bank Launches Another Industry First Innovative “Credit Card offering- SwipeUp Platform”

* Enables other bank Credit Cardholders to compare with 2-3 seconds & upgrade their existing Credit Card through a quick digital process within minutes 

AU Small Finance Bank, India’s largest Small Finance Bank, announced the launch of a first-of-its-kind platform in the credit card industry – the “SwipeUp platform”. With this platform, AU Bank will provide an opportunity to other bank Credit Cardholders to upgrade their card to one of AU Credit Cards. The Bank has provided a platform to compare existing Credit Cards of customers within 2-3 seconds. Thereafter, within minutes they can upgrade credit limit, cashback, reward points with a quick end-to-end digital process so that the Card can match their current lifestyle. 

Credit Cards have been in circulations for over two decades and progressing with a healthy growth rate year-on-year. However, when you see it from the customer’s perspective, most customers continue to use the same features & offers for many years despite the continuous upgrade in their income and lifestyle. Their credit card continues to be according to their lifestyle at the time of submitting the credit card application. While many banks offer to increase the credit limit, the features and benefits tend to remain unchanged. This means customers continue to use credit card features that do not match their current lifestyle. AU Bank identified this customer requirement and decided to fulfil this gap with SwipeUp platform.  

SwipeUp platform primarily focuses on the customers who hold Credit Card of any other Bank and can benefit from an upgraded Credit Card matching their current lifestyle. Credit card holders of other banks can provide details of their existing credit cards and check their eligibility for an upgraded range of AU Credit Card within 2-3 seconds. These cards will have a higher credit limit, higher cashback, better reward points, zero membership fees, and various other features that are an upgrade from their existing credit card. 

The Credit Cards issued in SwipeUp platform are different from current Credit Cards offered by AU Small Finance Bank. While the new range of cards offer high value proposition to customers, the card plastic is biodegradable which is another step towards a better environment.  

Speaking at the launch, Mr. Sanjay Agarwal, Managing Director and CEO, AU Small Finance Bank, said, “While we are a relatively recent entrant in the credit card industry, our team has always focused on understanding customer pain points and find revolutionary solutions for them through tech innovations. Earlier this year, we launched LIT, a fully customisable credit card to help people curate a card specific to their needs. While LIT Credit Card addressed the needs of new AU Credit Card customers, this time with SwipeUp we are giving the freedom of ‘badlaav’ to all other Credit Cardholders. Taking ahead our Credit Card motto of ‘live limitless’ we have built this platform to give customers an opportunity to compare and avail better credit card value prop which matches their current lifestyle. As a customer-focused bank, we will continue to identify customer pain areas and create offerings to provide tech-oriented solutions to add more convenience to their lives.” 

About AU Small Finance Bank:  

AU Small Finance Bank Limited (AU SFB/AU) is a scheduled commercial bank, a Fortune India 500 Company and the largest Small Finance Bank in the country. Starting its journey from the hinterlands of Rajasthan, today AU is the largest Small Finance Bank with a deep understanding of the rural and semi-urban markets that has enabled it build robust business model facilitating inclusive growth. With 27+ years legacy of being a retail-focused and customer- centric institution, AU started its banking operations in April 2017 and as on 31st Dec’22, it has established operations across 1,015 banking touchpoints while serving 35.7 Lakh customers in 21 States & 3 Union Territories with an employee base of 27,753 employees. As on 31st Dec’22, it has a balance sheet size of ? 80,703 Cr, net worth of ? 10,540 Cr, deposit base of ? 61,101 Cr and Gross Advances of ? 56,335 Cr. AU SFB enjoys the trust of marquee investors and is listed at both the leading stock exchanges viz. NSE and BSE. It has consistently maintained a high external credit rating from major rating agencies CRISIL, CARE Ratings and India Ratings. 

Photo Caption: Mr. Mayank Markanday, Head of Credit Card Business, Mr. Uttam Tibrewal, Executive Director, Sadeep Ghosh, Group Country Manager India & South Asia, Visa, Mr. Sanjay Agarwal,  MD & CEO, AU Small Finance Bank,  at the launch of AU Bank Credit Card SwipeUp Platform. 

Canara Bank Reports Net Profit Up By 91.88% YoY In Its Financial Results For The Period/uarter Ended Dec 31, 2022

Key Highlights (December 2021 V/s  December 2022)

Global business grew by 13.63%, it crossed Rs. 20,00,000 cr milestone.

Net Profit stood at Rs.2882 cr against Net profit of Rs.1502 cr for December 2021.

Operating Profit stood at Rs. 6952 cr grew by 19.80%.

Gross Advances grew by 16.65%.

Gold Loan grew by 34.21% with Portfolio amount of Rs.1,15,286 cr.

Net-Interest Income grew by 23.81%

Non-Interest Income grew by 10.35%.

Fee based income grew by 13.02%.

Cost to Income Ratio down by 184 bps.

RAM Credit grew by 13.81%, it constitutes 54% of Total Advances.

Retail Credit grew by 11.30% with Housing loan at 15.81%.

Gross NPA Ratio stood at 5.89% down by 191 bps.

Net NPA Ratio stood at 1.96% down by 90 bps.

Provision Coverage Ratio (PCR) at 86.32% improved by 306 bps.

CRAR stood at 16.72% as at Dec 2022. Out of which CET1 is 11.45%.

Return on Equity stood at 18.38% improved by 630 bps.

Key Summary of Business Performance (as on 31.12.2022)

Business

Global Business increased by 13.63% (y.o.y) to Rs 20,14,443 cr as at Dec 2022 with Global Deposits at Rs 1163470 cr 11.51% (y.o.y) and Global Advance (gross) at Rs 850973 cr 16.65% (y.o.y).

Domestic Deposit of the Bank stood at Rs 1079700 Cr as at Dec 2022 with growth of 9.21% (y.o.y).

Domestic Advances (gross) of the Bank stood at Rs 800907 Cr as at Dec 2022 grew by 14.11% (y.o.y).

Retail lending Portfolio increased 11.30% (y.o.y) to Rs 137007 Cr as at Dec 2022

Housing Loan Portfolio increased 15.81% y.o.y to Rs 81916 Cr

Advances to Agriculture grew by 20.61% (y.o.y) to Rs. 203312 Cr as at Dec 2022.

Asset Quality

Gross Non-Performing Assets (GNPA) ratio reduced to 5.89% as at Dec 2022 down from 6.37% as at Sep 2022, 7.80% as at Dec 2021.

Net Non-Performing Assets (NNPA) ratio reduced to 1.96% as at Dec 2022 down from 2.19% as at Sep 2022, 2.86% as at Dec 2021.

Provision Coverage Ratio (PCR) stood at 86.32% as at Dec 2022 against 85.36% as at Sep 2022, 83.26% as at Dec 21.

Capital Adequacy

CRAR stood at 16.72% as at Dec 2022 (16.51% as at Sep 2022). Out of which Tier-I is 13.68%

(13.40% as at Sep 2022), CET1 is 11.45% (11.14% as at Sep 2022) and Tier-II is 3.04% (3.11% as at Sep 2022)

Bank successfully raised capital during FY23 through:

AT-1 Bonds     : Rs.4000 Cr

Tier II Bonds   : Rs.2000 Cr

The Capital Raising Plan for FY-23:

AT-1 Bonds     : Rs.5500 Cr

Tier II Bonds   : Rs.3500 Cr

Priority Sector & Financial Inclusion

The Bank has achieved Targets in Priority Sector at 47.47% and Agricultural Credit at 21.33% of ANBC as at Dec 2022, as against the norm of 40% and 18% respectively.

Credit to small and marginal farmers stood at 15.34% of ANBC, against the norm of 9.50%.

Credit to Weaker Sections stood at 22.31% of ANBC, against the norm of 11.50%.

Credit to Micro Enterprises stood at 10.29% of ANBC, against the norm of 7.50%.

Credit to Non Corporate Farmers stood at 17.05% of ANBC, against the norm of 13.78%. 

Network

As on 31.12.2022, the Bank has 9720 Number of Branches, out of which 3049 are Rural, 2744 Semi- Urban, 1998 Urban & 1929 Metro along with 10745 ATMs. Bank is also having 3 Overseas Branches in London, New York and Dubai. 

Tata Motors Partners With ICICI Bank To Offer Financing For Electric Vehicle Dealers

Key Highlights:  

One-of-its kind inventory financing programme for dealers of Tata Motors

ICICI Bank extends the facility for EVs, in addition to funding for diesel and petrol models

As an effort towards encouraging Electric Vehicle (EV) adoption in the country, Tata Motors, India’s leading automotive manufacturer, has announced its partnership with ICICI Bank to offer an EV Dealer Financing solution to its authorised passenger EV dealers. Under this scheme, ICICI Bank will provide inventory funding to the authorised passenger EV dealers of Tata Motors. This inventory funding is in addition to the Bank’s funding to dealers for diesel and petrol models. Under this facility, the EV dealers can avail flexible repayment tenures.

The MoU for this partnership was signed by Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd. and Mr. Rakesh Jha, Executive Director, ICICI Bank Ltd.

Commenting on the partnership, Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd. said, “As the pioneers of EVs in the country, we take responsibility for their successful adoption. In our aim towards achieving complete electrification and promoting green mobility, we are happy to partner with ICICI Bank to assist our authorized passenger electric vehicle dealer partners with an exclusive financing program. Our dealer network forms a part of our core support pillars, and through their constant effort, we ride the electrification wave in India. We are confident that through this tie-up, we will make EVs more accessible and the EV purchase process a seamless and memorable experience for our customers.” 

Speaking on this partnership, Mr. Rakesh Jha, Executive Director, ICICI Bank, said, “Electric vehicle industry is growing at a rapid pace with the rising consumer demand for environment-friendly electric vehicles. The launch of EVs is one of the significant innovations in the automobile space. ICICI Bank has a legacy of supporting innovative technological initiatives. In line with this philosophy, we are delighted to partner with Tata Motors to offer electric vehicle financing programme for the authorised dealers of the country’s leading automotive company. This reflects our continued participation in India’s journey towards a sustainable future.”

Tata Motors has been pioneering the Indian automotive market with its groundbreaking efforts, and is currently leading the e-mobility wave in India with a commanding market share of 85.8%, with over 57,000 EVs produced till date in personal and fleet segments. 

About Tata Motors 

Part of the USD 128 billion Tata group, Tata Motors Limited (NYSE: TTM; BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 37 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is India’s market leader in commercial vehicles and amongst the top three in the passenger vehicles market.  

Tata Motors strives to bring new products that fire the imagination of GenNext customers, fueled by state of the art design and R&D centers located in India, UK, US, Italy and South Korea. With a focus on engineering and tech enabled automotive solutions catering to the future of mobility, the company’s innovation efforts are focused to develop pioneering technologies that are sustainable as well as suited to evolving aspirations of the market and the customers. The company is pioneering India's Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by preparing a tailor-made product strategy, leveraging the synergy between the Group companies and playing an active role liasoning with the Government in developing the policy framework. 

With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors’ vehicles are marketed in Africa, Middle East, South & South East Asia, Australia, South America, Russia and other CIS countries. As of March 31, 2022, Tata Motors’ operations include 86 consolidated subsidiaries, two joint operations, four joint ventures and 10 equity-accounted associates, including their subsidiaries, in respect of which the company exercises significant influence. 

About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s total assets stood at Rs 14,88,674 crore at September 30, 2022.

Godrej Security Solutions Witnesses A Growth Of 20% In The Premises Security Solutions (PSS) Category

Godrej Security Solutions, a business of Godrej & Boyce, the flagship company of the Godrej Group, has recorded a growth of 20% through a sub-segment of their institutional business – Premises Security Solutions (PSS), which contributes to 15% of the brand’s overall revenue. With safety being a core infrastructure element of Smart Cities initiative by the Government of India, the business has been witnessing a consistent growth in this sector. The Western region followed by the Southern and Northern regions of the country have been contributing to this growth.

Mr. Pushkar Gokhale, Business Head at Godrej Security Solutions said, “At GSS, we are committed to providing the best security solutions to our customers and we are proud to be one of the market leaders in this segment. The company has also invested Rs 2 Cr. in research and development to develop solutions that are tailored to customer requirements. We will continue to invest in building new and improved solutions to meet the changing security needs of our customers.”

With an extensive portfolio of cutting-edge products and solutions, Godrej Security Solutions has been able to provide superior protection to customers across industries like Banking & Financial Services, Retail, Manufacturing, Hospitality, IT, among others. The business has adopted a customer centric approach, with a strong focus on global technology adoption and Research & Development. The business committed an increase of 30% on its spends towards tech and innovation to meet the requirements of the Indian market, In the next two years.  Some of the recent technology acquisitions have been on - Additionally, the business unit of Godrej & Boyce has also brought on partners for the booming Datacentre industry.

There is a focus on particular customer demographics and geographic regions when it comes to onboarding new partners and hence enabling the current PSS channel expansion category.

Some of the bestselling product categories in the Premises Security Solutions segment have been observed to be the Integrated Security solutions of crash Rates Bollards, crash Rated road blockers, UVSS, XBIS (X-ray Baggage Inspection System,) Flap Barriers with FACIAL RECOGNITION SYSTEM. Additionally, GSS and its partners collaborated to develop a new FRS walkthrough mode with Anti-spoofing technology. This provides seamless access to authorised individuals and is highly secure with a very low false acceptance ratio owing to its integration with a flap barrier. The anti-drone system known as Chimera, which has the ability to detecting and neutralising hostile drones, is another intriguing addition to the category.

Being India’s one of the top manufacturer of pedestrians’ access control solutions and striving to be the first choice in the PSS segment, GSS has partnered with various critical government projects like – Central Vista, T Hub Telangana, Parliament, etc.

About Godrej Security Solutions:

Godrej Security Solutions is a division of Godrej & Boyce Mfg. Co. Ltd and part of the USD 4.1 billion Godrej Group. A pioneer and leader in the business, Godrej Security Solutions Division is the largest manufacturer and marketer of Security Solutions in India. It is the largest supplier of security solutions to several prestigious banking, corporate and public institutions. For the first time in the category and the industry, Godrej Security Solutions Division has been awarded the Superbrand status. It has also won the “Most Preferred brand” award in the Home Segment. The Division currently exports its products to over 45 countries including Middle East Asia, South East Asia, Far East Asia, East Africa, the US, Europe and the SAARC Countries.

Celebrate 126th Parakram Divas With MMTC-PAMP’s Special Edition Netaji Subhas Chandra Bose 999.9 Purest Silver Bar

* These limited-edition bars carry a finely etched image of Netaji Subhas Chandra Bose on 999.9 purest silver bars

* The 999.9 purest silver bars will be available online, at all MMTC PAMP exclusive stores and at prominent jewellers across India

Commemorating the 126th birth anniversary of Netaji Subhas Chandra Bose, MMTC-PAMP, India’s only London Bullion Market Association (LBMA) Good Delivery gold & silver refinery, has introduced a new product in its range of silver portfolio, with the launch of exquisitely crafted 999.9 purest ‘Netaji’ silver bar in 50g denomination. His birth anniversary is known as ‘Parakram Divas’ and is celebrated to inspire people of this country, especially the youth, to act with fortitude in the face of adversity.

An Indian freedom fighter and revolutionary, Subhas Chandra Bose was also popularly known as Netaji. This title was conferred to him by Indian and German officials at the Special Bureau of India in Berlin.

“It is only on the basis of undiluted nationalism and of perfect justice and impartiality that the Indian Army of Liberation can be built up.”

Born on 23 January 1897 in Cuttack, Odisha, he was an ardent follower of Swami Vivekananda. He constituted the Azad Hind Fauj or the Indian National Army in 1943 to free India from imperialist rule and inspired many to fight for India’s freedom. He was an active member of the youth wing of the Indian National Congress and was also the President of the Indian National Congress from 1938 to 1939.

This exquisitely crafted silver bar is a special edition tribute to the selfless service of the firebrand freedom fighter and a memento of his courage and resilience. Crafted from pure silver, this 50g bar features an intricate depiction of Netaji on one side and the mention of the 126th Parakram Divas along with the coin’s 999.9 purity credentials on the other.

Speaking on the launch, Vikas Singh, Managing Director and CEO, MMTC-PAMP said, “Our legacy, culture and heritage are of extreme importance to us and we at MMTC-PAMP always strive to offer the most culturally relevant products to our consumers. This bar is a symbol of courage and national spirit, honouring the sacrifice and dedication of the great leader.  Serving as a timeless reminder of Netaji's contributions and his ideals, this bar is a must-have for collectors and history enthusiasts. This is MMTC-PAMP’s humble attempt to celebrate the life and legacy of Netaji on Parakram Divas.”

These bars are crafted to the highest standards using unmatched Swiss Craftsmanship and are ideal for collectors and gifting purposes. Indians have always had a glittering love affair with gold and silver. MMTC-PAMP’s latest addition to its minted portfolio, the 999.9 purest silver limited edition Netaji bars has been crafted in limited quantity for the discerning customer.

To ensure the product’s authenticity, each MMTC-PAMP product carries a unique number and comes packaged in an assayer-certified CertiCard. Each gold and silver product bought from MMTC-PAMP offers positive weight tolerance, which guarantees that every coin or bar you buy weighs more than the listed weight, ensuring customers get the highest value for their investment.

About MMTC PAMP: A joint venture between Switzerland-based bullion brand, PAMP SA, and MMTC Ltd, a Government of India Undertaking, MMTC-PAMP seamlessly marries Swiss excellence with Indian insights. MMTC-PAMP India Pvt. Ltd. is internationally recognized as an industry leader in bringing global standards of excellence to the Indian precious metals industry. We have received several awards since our inception from local and global industry bodies for the transparency and sustainability that we rigorously uphold in our sourcing, refining and supply of precious metals in the Indian market. MMTC-PAMP is the only LBMA-accredited Gold & Silver refinery in India and is accepted across global commodity exchanges and central banks.

India To Have 10,000 Agri startups By 2030, Says Investor Hemendra Mathur: Livelihoods India Summit 2023

* Co-hosted by NITI Aayog, the summit is currently in its 13th edition, and has become a national level event aiming to build an ecosystem around the poor 

ACCESS Development Services, a national level livelihood promoting organisation, along with NITI Aayog hosted the Livelihoods India Summit at Le Meridien, New Delhi. 

Currently, in its thirteenth year, the second day of the event saw attendance from prominent speakers such as Mr Charanjit Singh, Additional Secretary, Ministry of Rural Development, Government of India, Dr Subhransu S Acharya, Chief General Manager, Small Industries Development Bank of India (SIDBI), Ms S Divyadharshini, Managing Director, Tamil Corporation for Development of Women and Chief Executive Officer of Vaazhndhu Kattuvom Project, Tamil Nadu Government, Bijan B Paul, Former Director, Weavers’ Service Centre, Office of the Development Commissioner for Handlooms, Ministry of Textiles, Government of India and Hemendra Mathur, Venture Partner, Bharat Innovation Fund & Co-founder, ThinkAg along with other dignitaries.

During a session on ‘Digitalisation of Agriculture - Empowering Smallholders through Digital Transformations’ - industry expert Hemendra Mathur, Venture Partner, Bharat Innovation Fund & Co-founder, ThinkAg highlighted that the improvement in remote monitoring of agriculture through geo-tagging and geo-mapping will help farmers to devise and implement highly effective farming techniques.

Talking in reference to the farmer communication methods, he further added that , “I see thousands of WhatsApp communities among farmers. In my opinion, more than FPO, the aggregation of farmers is driven by WhatsApp, the number of data shared is amazing, and the number of tractors sold through WhatsApp is more than any other medium. Farmers are very friendly and ready for digitization. Farmers are three things: voice, vernacular and video, you have to play on these pillars for farmers to adopt something. ”

The session which also saw participation from other panelists such as Emmanuel Murray, Investment Director, Caspian, Siddharth Chaturvedi, Senior Program Officer, Agriculture Development, Asia, Bill & Melinda Gates Foundation, and Jinesh Shah, Managing Partner, Omnivore also discussed in length the complexity of Indian agriculture, and the need for a single policy change or technology shift required for moving the country toward its dual goal of raising income for smallholder farmers and continuing to strengthen the competitiveness of Indian agriculture. 

The key themes that were explored through the session are: 

Digitization of payments in the agricultural ecosystem 

Enabling improved credit underwriting through the digitalization of farm and farmer-level data

Improved risk mitigation of the negative impacts of climate change and fluctuations in market pricing for smallholder farmers through innovations in the digital ecosystem

Reduction in overheads through improved price realization offered by digital platforms and strategies for driving the adoption of digital technologies at the last mile

Livelihoods India was initiated in 2010 as a national-level initiative to unite diverse stakeholders on a single platform to discuss critical issues that impede and afflict the livelihoods of the poor. ACCESS Development Services set up this platform to understand and assess the key issues and challenges the poor face in sustaining their livelihoods and microenterprises and to craft a vision and strategy for moving them from subsistence to sustainable levels. Since then, the platform has evolved significantly and has emerged as an essential forum for stakeholders to meet, share experiences, discuss issues, assess and analyze the policy environment and build consensus on strategies that will deliver sustainable outcomes.

About ACCESS Development Services: 

ACCESS Development Services is a global catalyst to achieve the Sustainable Development Goals. By accelerating collaborative action with global, regional, and local stakeholders, ACCESS is driving financial resilience and security as key outcomes. Set-up in March 2006, with support from the Department of International Development (Govt of UK), ACCESS is structured uniquely to build evidence, create models and align thought leadership in collaboration with Civil Society Organizations, Governments, Private Sector, Donors and Multilateral / Bilateral Agencies.