Krishi Jagran Hosts Webinar on Financial Literacy for Farmers

An excerpt from the webinar

On the occasion of Kisan Diwas, the Indian Agricultural Research Council annually celebrates “Jai Kisan Jai Vigyan” week from December 23 to 29 to commemorate the birthday of former Prime Minister Atal Bihari Vajpayee and the late Chaudhary Charan Singh. The celebration takes place at honor for their significant contribution to promoting the use of science for the benefit of farmers.

This year, Krishi Jagran is also hosting various webinars and events during the Jai Kisan Jai Vigyan week from December 23 to 29, 2021.

The second day of ‘Jai Kisan Jai Vigyan‘On December 24, Krishi Jagran hosted a webinar on Financial Literacy for Farmers. This session was moderated by MC Dominique, founder and editor-in-chief of Krishi Jagran and Agriculture World.

The first speaker of the session was Amarjeet Kaur a farmer and entrepreneur from Ambala, Haryana, who spoke about the entrenched reality and the need for financial literacy among farmers, noting that although the government does indeed give farmers many subsidies for agricultural tools and machinery, it is the farmers themselves who Personalize and buy the right tools using the right grants so that it helps them maximize their tracks and not fall into the debt trap.

She mentioned in particular how some farmers with 5 acres of land end up buying the same machine that a farmer with 20 acres of land bought because they not have the requisite knowledge of the tools to choose the ones that are cheaper and more suitable for their farmland. Kaur concluded his speech to the audience by vehemently supporting the use of webinars and, Melas etc. to further educate farmers.

Ashish Agarwal, Chairman and CEO of Bajaj Alliance Agribusiness, General Insurance Co. Ltd. was the second speaker at the event. but went on to add that financial literacy is nothing but money management and is important for everyone, especially for those with irregular income streams like farmers.

He went on to quote this about 60 percent of a farmer’s annual income is usually spent on loan repayment and interest. According to Ashish, this is due to many uncertainties such as weather, market, government policies, etc., wAccording to him, this could be properly mitigated if farmers used programs like the Kisan credit card programs to actually help increase their production instead of using it for consumption. He ended his speech by saying better financial management and good use government programs and subsidies is the only way farmers often avoid falling into the debt trap.

An in-depth analysis on this topic was provided by Rajat dhar, the director of the Federation of Indian Investors, who spoke passionately about the fact that financial literacy is a tool that only aims to double farmers’ incomes and should therefore be used as such. Citing many examples of Erode, from Tamil Nadu to Assam Rajat, showed how finances cannot be used whether farmers have a deep knowledge of the circumstances of the industry around them which he believes could only be learned once people start to get involved with banks to gain knowledge so they can choose where to invest.

Shrinivas Rao Muppaneni the chief information officer of the Telanga The State Corporate Bank was the fourth speaker on this webinar and while elaborating on the importance of crop loans (which was also a topic that was touched on by previous speakers) he spoke about various important government programs that the farmer should know and how farmers should actually use these diets maximize their profits.

The next speaker was Parveen Yadav a senior executive from the Punjab National Bank in Hisar, Haryana, who explained how digital literacy, especially digital cybersecurity literacy, plays an important role in financial literacy. He spoke vehemently of how the farmers not understand the importance of not sharing their sensitive information such as OTPs and credentials with scammers, which has resulted in many irreparable losses and how it is an important part of financial literacy that is often overlooked. Talking about the issue of Kisan credit cards, he also mentioned the importance of maintaining a good credit rating and how this will play a crucial role in the income of farmers in the days to come.

Rekha Tiwari a senior scientist from a Krishi Vigyan Kendra in Ujjain Madhya Pradesh – the last speaker of the day who exposed the ground level reality she saw in the KVKs. She explained that improving a community was only possible if it had the right knowledge at the right time.

She also mentioned that people in rural areas are very nervous about banks due to the time it usually takes to process requests in banks and to help mitigate them. in the right direction.

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