Agri-tech: Technological advancements have been reshaping farming
Finding novel approaches to boost production and new solutions for more efficiency, while simultaneously cutting waste is the future of agriculture
Over the course of time, technological advancements have reshaped farming, and this has had an impact on the agriculture industry in a variety of different ways.
United Nations projects that the world’s population will rise to 9.7 billion by the year 2050. Increased demand for land will define agriculture in the years to come, and with just 4% of the land being added to cultivation, farmers will be required to produce more with fewer resources.
The survey predicts that we are looking at a 60 percent increase in food production to feed the additional two billion people. Finding novel approaches to boost production and new solutions for more efficiency, while simultaneously cutting waste is the future of agriculture. Mobilising resources from a macro-level perspective in order to improve farm productivity per hectare, is the way ahead.
Agri-tech: Right time to embrace technology
Traditionally, India’s agri sector has a muddled supply chain that benefits few and deprives a larger section of producers at the mercy of loans to survive. There are several factors at play that need connectivity-fuelled transformation to bring sustainability and resilience to the sector. Despite operational issues as well as structural barriers in the development of the sector, technology has helped us take major strides in this direction. The old agricultural value chain has been disrupted as a result of new technologies, which have altered the ways in which farmers acquire knowledge and tools for cultivating and marketing their goods.
One of the most important aspects of modern agriculture is the efficacy brought by technological advancement. In the industry, gaps are being filled by innovative companies that are making services such as finance, shipping, and storage more accessible. Tech-driven equipment in precision farming for field mapping via satellite imagery, financial forecasting and planning helps improve crop quality. The ability to provide financial assistance to farmers immediately strengthens funding throughout the entire agriculture supply chain. Artificial intelligence (AI) and Internet of Things (IoT) solutions, robotics/drones, and farm management software are just few examples of the rapidly expanding market for advances on farms. The ability of farmers to make data-driven decisions, manage and organise their resources, and increase farm production is enhanced by solutions such as remote sensing and monitoring and technology-integrated farm management software.
The implementation of cutting-edge scientific and engineering methods in the agricultural sector has enabled the increase of agricultural industry’s productivity, income, and longevity.
The way forward
If properly implemented, India’s agri-tech developments provide an outstanding chance for sustainable and fair growth, guaranteeing not only profits for agribusinesses but also better lives for farmers. Digital tools can be used to reduce social asymmetries – it could solve for various gaps in the ecosystem related to accessibility of money, material and information.
Indian agri-tech startups have transitioned from offering simple market linkages to becoming large-scale service providers, pioneers of in-field and new farming innovations, and developers of value-added services such as agri-fintech. Investments in India’s agri-tech firms surged from USD 44 million in 2016–17 to USD 323 million in 2020–21. While agrochemical and farm-mechanization companies continue to lead in biotechnology, they fall behind in the development of new business models. They have just recently begun to make up for lost time by increasing expenditures on agritech.
The delicate balance involving machine and human interface, with a clear and focussed understanding of digital interventions will become essential for the evolution of strategies and to create a roadmap for rural adoption and inclusion of tech practices. Answers to the challenges of the future can be found in today’s quests for agricultural progress.
Even as we continue to make progress, we need to keep a clear line of vision on our goal of equitable and sustainable growth for all.
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