Fintech can play key role in crop insurance: Fadnavis

Technology will play a significant role in driving Maharashtra’s transformation into a trillion dollar economy, Deputy Chief Minister Devendra Fadnavis said on Wednesday.

Stating that “Mumbai is the Fintech capital of India,” he added, “Of the country’s total 80,000 start-ups and 100 unicorns, 15,000 start-ups and many unicorns are in Maharashtra. The state, with almost 500 fintech companies, accounts for direct and indirect investments to the tune of Rs 900 to Rs 1,000 crore.”

Fadnavis was speaking at an interactive session at the Global Fintech Festival held at Bandra Kurla Complex on Wednesday.

“Fintech can make a huge contribution in multiple areas. One of the areas which I would recommend is crop insurance. Every year, due to natural calamities and torrential rain, farmers are devastated after suffering crop loss. The conventional process takes a long time as it requires mapping the fields to assess crop damage and then evaluating the compensation at government level. It is then re-evaluated by insurance companies,” he said.

“If we speak of Maharashtra alone, the crop insurance amount is not less than Rs 6000 crore. If we consider the entire country, it goes up to Rs 40,000 crore. If we come up with an unicorn which can help in quick assessment, data collection and channelising the funds directly to farmers’ accounts, it will help in curtailing the trauma farmers are subjected to every year,” he said.

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