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When five friends at Panjab University in the Indian city of Chandigarh became aware of an alarming suicide rate among the nation’s farmers, they decided to do something about it.
“All five of us belong to a farming background, and knowing that farming in India has played an important role in our development and identity as a nation, we realized that something needed to done for the backbone of the country,” remembers William Pal Singh.
Their answer was to form Esperanza Global Eco Solutions, a startup that’s exploring the agricultural, industrial and commercial potential of hemp as a multipurpose crop in India, with the ultimate goal to lift the fortunes of struggling Indian farmers.
Farmers on the edge
Nearly 70% of India’s 90 million agricultural households spend more than what they earn on average, pushing them towards debt, which is the primary reason for more than half of all suicides by farmers nationwide, statistics show.