Technology-Based Risk Management for Rural Sectors and Natural Disasters in Developing Countries

Kinshuk Dayal Saraswat

MPRA Paper from University Library of Munich, Germany

Abstract: There are many risks associated with living in a developing country, especially in far-flung rural areas, where these risks are more prevalent, because they are often located in remote areas, where these risks are more prevalent, as they are frequently located in far-flung rural areas, where these risks are more prevalent. Managing risk requires the use of information that is up-to-date, and emerging technologies are providing highly cost-effective methods for collecting, storing, processing, and disseminating information about risk that is up-to-date in a cost-effective manner. Farmers are now able to receive early warnings regarding adverse weather conditions, market movements, and outbreaks of pests and diseases through the use of early warning systems which can be accessed through mobile apps and the internet. By using instruments such as insurance contracts and futures contracts, there is a limited amount of emerging technologies that can be utilized to transfer rural sector risk in the form of instruments. The development of these applications is hindered by the lack of institutional development, the high cost of the products, as well as an inability to customize them in order to meet the needs of smallholders. As a result, they are hampered by the fact that there are limitations to the amount of information which can be produced by technology.

Keywords: Rural sector and risk management; technology based risk management; natural disasters and rural sector; mitigating risk in rural areas. (search for similar items in EconPapers)
JEL-codes: M11 M15 O1 O14 Q16 (search for similar items in EconPapers)
Date: 2022-10-16
New Economics Papers: this item is included in nep-agr, nep-env and nep-rmg
References: View references in EconPapers View complete reference list from CitEc
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Published in Amity University Press 2.4(2022): pp. 57-66

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