The agriculture sector is undergoing change due to innovation and the Government is taking steps to boost investments in this field. This has opened doors to youth looking for opportunities, says PREET SINGH SANDHU, CEO, Farmers City
India is the second-largest agricultural land in the world. However, there are some other uncontrolled factors on which the agricultural sector depends to a great extent. They are weather conditions, market fluctuations, and topographical conditions, which simply cannot be ignored. Therefore, there is a dire need to elevate the agriculture sector through modern advancements. Agro start-ups are primarily for the agriculture sector and its related fields. The cutting-edge technologies like Artificial Intelligence (AI), Internet-of-Things (IoT), and Drones, Robotics helping farmers to improve their productions and reduce the adverse outcomes occur due to any uninvited natural condition.
According to a research, every ninth agrotech start-up in the world is originating from India. Technology-based companies are coming up with new business models. The agriculture sector is growing at an average rate of 25 per cent. The Government has formulated a policy to encourage start-ups in the agricultural sector and to enhance the income of farmers by providing employment opportunities to the youth. The Ministry of Agriculture is providing financial assistance to the startups under the Innovation and Agripreneurship component of Rashtriya Krishi Vikas Yojana.
There are many start-ups providing services related to infestation prediction, weather forecasts, water availability, auto sprinkling systems, which also helps in testing the soil. Many financial institutions have also come forward to solve the debt problems of farmers. Agritech startups are helping farmers get better prices for their produce, providing better distribution system and increasing their income by reducing middlemen.
In addition to nearly a hundred institutes of the Indian Council of Agricultural Research (ICAR), more than 650 agricultural science centers and various state agricultural universities are engaged in the development of these technologies. There are opportunities at different levels in agribusiness, i.e, there is ocean of opportunities for the youth interested in finance, technology and non-technical fields.
Skills needed
Eligibility
The compant has to be registered as a Private Limited Company or a Partnership firm or a Limited Liability Partnership. The startups or business must not be older than five years and the annual turnover of the startup should be up to `25 crore. The company will come under the scope of startup if the start-up or business is involved in developing a new product or service. But, if there is any kind of modification in a product, then it will be necessary to see whether the customer is getting the benefit of it.