Context:
The National Bank for Agriculture and Rural Development (NABARD) and Andhra Pradesh Grameen Bank (APGB) have signed a Memorandum of Understanding (MoU) with Aqua Exchange Agritech Pvt. Ltd. to pilot an innovative financing model for shrimp farmers in Andhra Pradesh.
Key Highlights:
- Pilot Project: Introduces IoT-enabled loans for shrimp farmers to monitor water quality, feed usage, and disease control in real time.
- Objective: Bring farmers into the formal credit system, reduce reliance on informal lenders, and enhance productivity and sustainability.
- Loan Disbursement: Loan sanction letters worth ₹1.25 crore were issued to five farmers, along with IoT devices.
- Participants: NABARD, APGB, Union Bank of India, and Aqua Exchange officials attended the signing in Vijayawada.
Significance:
- Promotes sustainable aquaculture practices and risk mitigation through technology.
- If successful, the model could be scaled across Andhra Pradesh, supporting India’s shrimp export industry.
Parallel Initiative – Tribal Development:
- NABARD sanctioned ₹3.46 crore for a six-year tribal development project in Buttayagudem and Polavaram mandals, Eluru district.
- Targets families from Particularly Vulnerable Tribal Groups (PVTGs).
- Focus on mango and cashew orchards with supplementary border crops.
