Mahindra Agri Solutions signs MoU with MCX for data on agricultural pricing
Mumbai, August 3rd, 2017: Mahindra Agri Solutions Ltd., a wholly owned subsidiary of Mahindra and Mahindra Ltd. and Multi Commodity Exchange of India Limited (MCX), India’s No. 1 commodity exchange and, have signed a Memorandum of Understanding (MoU) to provide agriculture related price information. This information would be available on Mahindra’s recently launched mobile application- ‘MyAgriGuru’, which is available for free on Google play store.
Launched in February 2017, during the 7th Mahindra Samriddhi India Agri Awards, at the hands of The Honourable Union Minister of Agriculture – Shri Radha Mohan Singh, MyAgriGuru is a unique platform which aims to bring all the farmers and agri-experts across the country to a single platform. This is one of the fastest growing apps in the agriculture space, having crossed 1.5 lakh users within 6 months of its inception. MyAgriGuru provides all information to enable decision-making to farmers’ fingertips – Crop advisory, weather forecasts and most importantly Market Prices. The unique differentiation of MyAgriGuru is its open discussion platform – AgriBuzz – wherein any farmer can interact with the rest of the farmers and agri-experts connected to the platform. The interactions range from farming intensive enquiries on crop pest and diseases, crop planning, crop cultivation to larger issues like GST implications on agricultural product pricing. So far, over 7000 interactions have happened on the platform covering 67 crops.
This MoU would enhance the decision-making ability of the farmers further. To start with, MCX would be providing price information, open interest information, spot price, future price and derived data (analytics) for all the agri commodities namely – CPO (Crude Palm Oil), Cotton, Cardamom & Mentha Oil. Additionally, this partnership also signifies the vision of the two leading organizations to empower farmers by offering knowledge based solutions, and is in line with the Government’s motive to digitize the agricultural sector.
Speaking on the occasion, Ashok Sharma, President – Agriculture Sector, MD & CEO – Mahindra Agri Solutions Ltd. said, “We are delighted to sign this MoU with MCX. Our objective is to educate farmers by delivering complete information on agricultural products. Today, India is experiencing an exciting phase of Farming 3.0,where we are witnessing innovative and digital disruptions in Agriculture and an initiative like MyAgriGuru is a significant step in that direction. In line with our philosophy ofDelivering FarmTech Prosperity, through this partnership, we will enable farmers to manage prices and will also provide them with solutions that boost both agricultural productivity and farm incomes substantially.”
Mrugank Paranjape, MD & CEO – MCX remarked, “We are pleased to have signed this MoU with Mahindra Agri Solutions. At MCX, we have always encouraged the participants in the value-chain of commodities to utilize our exchange platform and manage price risks. By partnering with Mahindra Agri Solutions, we hope to include participation from the grass root level in the agricultural value chain and support the Government’s initiative of significantly enhancing the farmer’s income by 2022.”
