After the Startup India scheme of government, there has been a boon of startups in the Indian economy. Specifically the startups related to the agriculture sector. Startup India Registration is necessary to get recognised as a startup in India. Agriculture startups are the most valuable startups for the Indian economy in India. Approximately 60% of rural households in India are surviving or based on agriculture for their living. Because of agritech startups in India, there are a lot of things in the agriculture sector that are improving and helping the farmers to adopt new facilities to do things. With new techniques of Agritech startups, the Indian agriculture sector has become modernised, and technology will give this sector a great boost and help the Indian economy to grow more.
What are Agritech Startups?
Word Agritech is made up of two words: agriculture and technology. Hence, startups which are connecting agriculture with technology are called Agritech Startups. These are the entities that are engaging in improving the agriculture sector with the help of technology and modern methods and making the agriculture sector modernised and technology-friendly. All this increases the profitability of the agricultural sector. Startups that make the work of Indian farmers easy and increase their productivity fall under the category of startups, which are agritech. Such startups make the work of Indian farmers easy and make them technology-friendly.
Examples of Agritech Startups
There are a number of startups that are connecting the agriculture sector with technology in India. The list of the most impactful startups is given below. These are some of the examples of agritech startups in India:
Fruvetech Private Limited
Fruvetech Private Limited is a startup that is solving the fruit-related issue of agriculture in India. Fruits which are coming out as an agricultural product, their life is very short and sometimes due to which they get rotten. And this causes loss to the farmers. This startup is solving this issue of the farmers by enhancing the shelf life of the fruits through innovative techniques.
Wolkus Technology Solutions Private Limited
Wolkus Technology Solutions Private Limited is a startup popularly known as “fasal”. It is an agritech startup through which an AI power platform was developed by using the technology. By connecting technology with agriculture, they have developed a platform for precision agriculture. It is the procedure through which a farmer can improve the crop yield and it will help the farmer to improve productivity.
Natura Crop Care
Natura Crop Care is a startup that developed biological and botanical products. It helps to meet the demand for residue-free produce. This is not only beneficial for the farmers but also helps the government to achieve sustainable development. It is helpful for the farmers to manage the plants and soil health. It provides nutrition to the plants.
Benefits of the Startups, Which are Agritech
There are hundreds of benefits of agritech startups in India. The list of some of the benefits is given below:
- Promotes sustainable development in the market
- Promotes environment-friendly technology to the agriculture sector
- Helps in making the environment pollution-free
- Connects technology with the agricultural sector of India
- Provides employment, which will help the government to solve the issue of unemployment
- Increase the productivity of agricultural products
- Improve the quantity and quality of agricultural products
- Gives new and technology-friendly agricultural methods
- It makes the work of the Indian farmers easy
- Improve the economy of India
Agitech Market in India: An Overview
The Indian agriculture sector is growing at a great pace after the drastic transformation of agritech startups in India. Agritech businesses have connected traditional agriculture methods with technology and made the agriculture sector. This has increased new opportunities in the agriculture market in India. It has made it very clear that now India has all the potential to become the food bowl of the world. There are certain things on which India needs to focus, which are given below:
- There must be efficiency while agri trade produces.
- The cost of production must be optimised so that the competition will be ruled out
- The quality of the food must be maintained and become an intrinsic part of trade protocols
60% of the Indian livelihood depends upon the agriculture sector. Also, it is true that in the financial year 2020-21 agriculture-related sectors accounted for nearly 18% of the gross value added in India. Even in tough times like COVID-19, agriculture is the sector which got least affected and ended up helping many individuals and organisations. The Indian agriculture sector is providing or contributing globally. There are a lot of food materials which are exported from India to other countries. India’s food processing industry has a great weightage in the Indian food market. It covers almost 32% of the overall food market and ranks fifth with respect to production, consumption, export and proposed growth.
How Agritech Businesses are Improving the Agritech Sector in India?
There are a number of methods through which agritech startups are helping the agriculture sector to improve in India. Some of the important methods that are helping the agritech startups to grow are given below:
- Agritech businesses have connected the agriculture sector with technology and improved every stage of agriculture production in the Indian market.
- The linkage of technology and the agriculture sector results in a great infrastructure for the agriculture sector, which results in great production with less investment.
- There are many startups in the market that are working for precision agriculture, which improves the yield by up to approximately 30%
- It helps in the high-quality produce of the agriculture
- It helps to eradicate the wastage of farm produce
Agritech Business Models in India
There are a total of four types of the agritech models in India. Most of the agritech startups are working based on one out of these four business models. Names of these four types of business models are given below:
- Margin-based models
- Subscription-based model
- Transaction-based model
- Demand-side drivers
Government Schemes to Boost Agritech Ecosystem in India
Both the state as well as central government are supporting the agritech startups in India. The agriculture sector is among the main sources of development in India. It not only helps in the growth of the country but also helps the country to get foreign direct investment in India. Hence, the government has started many schemes to boost the agritech ecosystem of startups in India. The schemes help startups to grow easily in India. Some of the main schemes of government are given below:
National Agriculture Market
National Agriculture Market is a government scheme which is popularly known as e-NAM. This scheme was launched by the government to promote uniformity in the agriculture market. This removes the information asymmetry between the buyers and sellers in the market. It promotes the real-time price after the proper research of the demand and supply in the market. It promotes the uniformity of price among all the farmers of India.
National Mission for Sustainable Agriculture
National Mission for Sustainable Agriculture is a government scheme launched by the government to improve the productivity of agricultural products with the help of sustainable development. Through this scheme, the government wants to promote organic farming. The government’s focus is to achieve sustainable agriculture through the efficient management of the soil, and the use of fertiliser and pesticides for increasing productivity must be as little as possible.
Pradhan Mantri Krishi Sichai Yojna
This scheme, called Pradhan Mantri Krishi Sichai Yojna, is for the coverage of irrigation to as much agricultural land as possible. The main objective of this scheme is to provide irrigation facilities to all the farms. The government promotes this scheme through two lines, which are “Har Khet Ko Pani” and the second one is “More Crop Per Drop”. There are many places in India where agricultural land is there but no facilities for irrigation of those lands; hence, the government wants to reach out to such lands so that there will be more agricultural production and the economy will grow.
Conclusion
Agritech startups have had a significant and positive impact on the Indian agriculture sector. This sector has the potential to position India as a significant global contributor to food production and exportation. Agritech businesses in India have achieved these improvements through methods such as integrating technology into agriculture, building robust infrastructure, focusing on precision agriculture, producing high-quality crops, and reducing wastage. For the better management of such businesses, agritech business accounting is necessary. In India, such kinds of startups have a great future as 60% of Indians depend on the agriculture sector for their living. This combination of technology and agriculture is helping the Indian economy to achieve new milestones. Hence the government is in full support of such kinds of startups which are boosting the agriculture sector with sustainable development.
