The Indian economy is known to be an agrarian economy where more than 50% of the population is relying on agriculture for their livelihood. This being the motivator, agritech sector is garnering a lot of attention. More than 3000 startups have come up in the past few years.
During the COVID times agriculture was the only sector that depicted steady growth and outperformed other sectors. Tech awareness among the farmers is rising at an alarming rate due to mobile connectivity, internet and digitalization too.
The government’s intervention has uplifted this agritech sector by awarding grants, setting up incubators and more. The main focus of the government is also on establishing public private partnerships. Transformative technologies have brought in revolutionary changes thereby appealing to potential investors via Artificial Intelligence (AI) and Machine Learning (ML).
Entrepreneurs in agritech sector today come with a farming background and can connect easily through grassroot levels. In short, the agricultural value chain in India is expected to flourish in the forthcoming years.
There is a lot of potential in agritech sector to expand vibrantly. This is an apt time for investors and businesses to invest, develop and expand by using these opportunities for their benefit. IoT devices, autonomous agricultural tools and equipments, sustainable development and biodiversity are a few trends that are expected to bloom and flourish in the next years.