India is an agricultural country with more than 50% of the population relying on agriculture as their main occupation. The country presents a diverse environment favoring the year-round production of different crops and having quite a good value in the international market. On the other hand, the agricultural sector essentially in rural areas is suffering from a variety of obstacles like the lack of awareness regarding advanced technology, improper infrastructure, outdated equipment, supply chain management, natural calamities, etc. These pinpoints need to be addressed to better the conditions in this sector.
The use of advanced technology in the agricultural field have the potential to transform the traditional agriculture into modern that would reduce the losses, increase the crop yield, crop value, and uplift the farmer’s condition in the country as well. Agritech includes the application of advanced technology in farming like drone technology and IoT based sensors for tracking weather forecasts, pest management, etc. Use of Fintech in agriculture will improve the Agri-insurance processes, Blockchain in agriculture has the potential to secure transactions and combat food fraud and waste.
The support of the Indian government for the use of advanced technology in farming is performing an important role in improving the agricultural technology industry. This is driving the attention of young entrepreneurs and startups towards recognizing and solving the problems in the sector and representing a bright future.