Innovative IoT-Driven Financial Model Boosts Shrimp Farming in Andhra Pradesh

NABARD and Andhra Pradesh Grameen Bank have joined forces with Aqua Exchange Agri Tech Private Limited to bolster financial support for shrimp farmers in Andhra Pradesh. This groundbreaking collaboration employs IoT technologies to monitor and enhance shrimp farm operations, focusing on water quality, feed management, and disease control.

NABARD Deputy Managing Director AK Sood confirmed the partnership, emphasizing its role in integrating shrimp farmers into the formal credit system. This initiative aims to offer loans at competitive rates, reducing farmers' reliance on informal lending sources.

At a recent event, letters approving loans totaling over Rs 1 crore were presented to five shrimp farmers, along with IoT devices for real-time farm management. NABARD also committed over Rs 3 crore to a tribal development project, highlighting its dedication to fostering rural development and growth.

(With inputs from agencies.)