India is known for its potent agricultural sector, which provides food sustainably to the country’s 1.4 billion people. Food security isn’t the only capability that the country’s farms possess – they also supply a fifth of the world’s population with food. India has used its 20 agro-climatic zones, 15 major climates, and all 46 varieties of soil to achieve this feat. Such is the scale of this undertaking that it has achieved its impressive food surplus with 4% water and 12% world land resources.
This has been possible due to considerable investment, advancements and government initiatives. During the budget speech of 2021, over USD 15 billion is allocated for the farming sector just for the fiscal year 2023-24. The allotted funds from the government surpassed the earlier year’s entire sector’s budget. Furthermore, the budget also gave special emphasis on farmer teaching with separate allocations of 9 billion.
Narendra Singh Tomar, the Union Agriculture Minister said, “This is definitely a commendable step taken by the government. Such investment have made agriculture a successful sector in India even when there were Covid-19 induced shockwaves.
India ranks top in the world’s production of spices, pulses, dairy, tea, cashew, and jute, and is the second largest producer of wheat, rice, fruits and vegetables, sugarcane, cotton and oilseeds. In addition, it is estimated that agricultural industry alone will contribute to around 24 billion USD by 2025. (Source IBEF).
The agricultural industry’s enhancement has further been supported by the modernization and utilization of Artificial Intelligence (AI), Machine Learning (ML) technology. Along with government, many notable private firms have actively taken part in the agriculture-driven movement, such as CISCO, Nestle, Ninjacart, Jio Platforms Limited, ITC Limited and NCDEX e-markets Limited. These have signed five Memorandum of Understanding (MOU) that have five pilot projects that are designed to maximize yields and make India more competitive on the global scene. (Source IBEF).
Furthermore, the country’s conducive start-up environment has also made its way to the farms. According to Saurabh Agarwal CEO, of GROWiT India and agri-startup based in Surat, the industry’s potential is estimated to be around USD 6.08 billion while it is currently only around USD 121 million. Like GROWiT India, other agri-startups have aimed to ensure that advanced science and technology reaches various parts of the country, east to west, south to north.
In the past, women playing a major role in Indian agriculture have fueled the sector forward. Currently, more than 1,300 agri-startups have been launched by hardworking entrepreneurs. Moreover, female entrepreneurs have also joined the bandwagon, providing Indian agriculture with their fresh perspective.
Ezhil Subbian, the CEO of String Bio mentioned that they have a diverse team with many MSC graduates coming from a farming background. Such examples provide hope in the future of Indian agriculture and its growth.
All of these efforts, including targeted investments, rapid modernisation, and funding have laid the groundwork for an exponentially growing Indian agricultural sector. With India ranking among the top of many agricultural categories and its predicted growth, Brand India is likely to establish its strength within the agricultural industry.
To provide an additional perspective, Nirmala Sitharaman, the Union Finance Minister, had mentioned the creation of digital public infrastructure, as well as the launch of an Atmanirbhar Clean Plant Program. She further mentioned the setting up of an Agriculture Accelerator Fund to encourage Agri-startups in rural areas. Such initiatives are established to promote farming and bring forward innovative, yet affordable solutions.
The potential of India’s agricultural sector is quite vast and with the help of investments, modernization, and governmental support, India can be placed among the leading countries in the agricultural industry.
The person mentioned in the article is Narendra Singh Tomar, the Union Agriculture Minister. He has shown the importance of investment in the agricultural sector, as supported by Uttar Pradesh, West Bengal, Madhya Pradesh, Karnataka, Maharashtra, Punjab, Rajasthan and Assam.
The companies mentioned in the article are CISCO, Nestle, Ninjacart, Jio Platforms Limited, ITC Limited and NCDEX e-markets Limited. These companies have signed MoUs with the Union Ministry of Agriculture and Farmers’ Welfare and started five pilot projects to help the farmers of India maximize their yield and establish India’s vastly growing agricultural sector on the world stage.
