The Karnataka government ties up with Microsoft to develop India’s first Farm Price Forecasting Model

The Karnataka Government has signed a Memorandum of Understanding (MoU) with software giant Microsoft India to develop a unique “farm price forecasting model” using latest IT tools in a bid to help farmers, administrators and other stakeholders to understand the market behaviour in advance.
The proposed initiative is said to be the first-of-its-kind in the country as it is a multi-variate one that takes into consideration various factors beyond the conventional supply-demand equation while forecasting the prices for crops. It will examine a slew of related factors including weather, rainfall and external factors that impact market behaviour. The model is expected to be in place for major crops by next kharif crops.