SwitchON Foundation in support of the German development agency GIZ India, organized a high level bankers workshop in partnership with the Punjab National Bank at the Hotel Haveli, Krishnanagar, Nadia on 20th October, 2022.

Solar water pumps are seen as an eco-friendly and cost-effective option for farmers. While they offer lower operating costs in the long run, their initial high upfront cost makes them unaffordable for many farmers. Research indicates that providing financial support for solar water pumps yields substantial advantages for farmers.

The workshop aimed to foster a better understanding of farmers’ access to finance for solar pumps under various government schemes in West Bengal. With agriculture being a vital sector of the Indian economy, this initiative holds the potential to transform farming practices and contribute to sustainable development.

Unlocking the Potential of Solar Pumps

Solar water pumps have emerged as a sustainable and cost-effective solution for farmers. However, their higher upfront costs have remained a barrier for many. Recognizing the need to bridge this gap, SwitchON Foundation, in partnership with Punjab National Bank, sought to explore viable financing options for solar pumps and enable small and marginal farmers to harness the benefits of this clean irrigation technology.

Empowering Farmers through Financial Support

The workshop witnessed the participation of key stakeholders, including lead District Managers, Chief Managers, and Branch Managers from Punjab National Bank, Krishnanagar, along with representatives from GIZ India. The focus was on discussing innovative financing models and creating awareness about the availability of government subsidies to make solar pumps more accessible to farmers.

Addressing the Challenges

The agricultural sector in India faces various challenges, including inadequate access to formal credit, regional disparities, and dependence on non-institutional sources of credit at high-interest rates. The workshop delved into these challenges and emphasized the role of financing in supporting the growth and development of the agricultural sector.

 Promoting Climate-Smart Agriculture

Under the Government of India’s PM KUSUM scheme, West Bengal receives a 60% subsidy for solar pumps, with farmers contributing the remaining 40%. During the workshop, experts and participants discussed strategies to increase the adoption of solar pumps, particularly among small and marginal farmers. The focus was on building an ecosystem that encourages farmers to embrace climate-smart agricultural technologies.

Organizing Bankers Workshop

The workshop served as a platform for knowledge exchange and mutual learning. Participants explored ways to bridge the existing knowledge gaps, promote information dissemination, and facilitate discussions on financing climate-smart agriculture technologies. The aim was to empower farmers with the necessary resources and information to make informed decisions and reap the benefits of solar pump technology.