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NutTix: An AI and Data analytics-powered solution for demand prediction and price forecasting of Groundnut
* 1 , * 1, 2 , * 1 , * 3 , * 1 , * 4
1  SystemOnSilicon
2  Indian Institute of Engineering Science and Technology, Shibpur
3  Alcorn State University
4  Government College of Engineering and Leather Technology
Academic Editor: Massimo Cecchini

https://doi.org/10.3390/IOCAG2022-12207 (registering DOI)
Abstract:

The Indian agriculture sector is undergoing a seminal shift in the post-COVID-19 pandemic era from being a sector driven by traditional techniques to a technologically advanced, well-equipped industry, driven by Smart and Precision Farming. India is the 2nd largest producer (9.95 million tonnes) and 3rd biggest exporter of groundnut in the world. Groundnut is the highest exported oilseed crop in India, exporting it to China, Vietnam, Indonesia, Philippines, Malaysia, Russia, Ukraine and UK. The exports have increased by 142% from last year. The groundnut production estimate was 8.25 million tonnes for 2021-22. Majority of its export goes out as bird feed in different countries which limits its usage as an edible vegetable oil. Besides that, the south Asian market doesn't fetch good prices thus affecting the income of farmers. Groundnut needs a proper layout to drive it to a market oriented high-income generating solution. Despite its increased demand in the international market, the groundnut production in the country is facing a backlash from the farmers as production area is decreasing in many parts of the country. Fluctuating weather, subsequent increase in the cost of cultivation, erosion of river beds, poor irrigation system and lack of government support in decreasing the groundnut production acreage. This paper by understanding the market dynamics unfolds predictability of demand and forecasting of groundnut prices in the domestic as well as international market based on advanced technology of machine learning and deep learning. Nutix can enhance the farmers income by two-three folds with its disruptive solution. Forecasting of prices of commodities, especially those of agricultural commodities is very difficult because they are not only governed by demand and supply but by so many other factors which are beyond control like weather vagaries, storage capacity, transportation etc. Forecasting of food prices are intended to be useful for farmers, policy makers and agribusiness industries. In the present era of globalization, management of food security in the agriculture dominated developing countries like India needs efficient and reliable food price forecasting models more than ever. Sparse and time lag in the data availability in developing economies, however, generally necessitate reliance on time series forecasting models. The recent innovation in Artificial Neural Network (ANN) modelling methodology provides a potential price forecasting technique that is feasible given the availability of data in developing economies. The fluctuations of agricultural commodity prices can significantly affect the global economies and living standards in many countries. Under COVID-19 crisis pressure, an accurate AI/ML forecast solution has never been more important for business leaders and agricultural authorities to make better decisions. Nutix will study the domestic as well as international groundnut market and forecast the pricing of it.

Keywords: NutTix; Groundnut; precision farming; demand analytics; artificial intelligence; market intelligence; price forecasting

 
 
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