Agri-Tech In the Indian Agriculture Scenario

The word of the year was digitization, and technology-driven solutions have begun to impact many parts of the economy slowly but surely. Until recently, the agriculture sector, which accounts for nearly 20% of India's GDP, was an exception. Improved efficiency, connectivity, information exchange, and a myriad of vital and supporting activities are now available at the press of a button thanks to the rise of agri-tech.

Drones, weather predictors, automated machinery, AI-enabled planting and weeding, automated irrigation, and harvesting are just a few instances of agricultural technology with Artificial Intelligence in recent years (AI). Artificial intelligence is also being utilized in soil testing and analysis, anticipating the ideal environment for crop safety, and even establishing social platforms for farmers to participate in.

In rural locations, a broken supply chain is a prevalent problem. Because fruits and vegetables have such a short shelf life, agricultural stakeholders and farmers, as well as other sectors and their stakeholders, suffer the most. Technology can help with the development of better supply chain solutions, traceability, and price transparency across different mandis, among other things.

Farmers' revenue can be enhanced while their input expenses are decreased to a larger extent by maximizing yield. Many digital companies are inventing equipment and providing solutions to assist farmers in taking preemptive actions to save their crops before an insect infestation occurs. There is a technology for recording micro-level data regarding moisture, soil conditions, weather, nutrients, and other factors, allowing farmers to employ only the most specific soil fertilizers.

Thirty percent of Indian farmers don't have easy access to bank loans. The other 70% rely on unsecured credit with exorbitantly high-interest rates. This is due to a scarcity of farmer data, such as transaction history, credit history, assets, earnings, and so on.

Dealing with credit digitally will encourage financial institutions to provide loans to farmers as their transactions and purchasing power will be clearly visible to the banks. Moreover, the digital footprint makes the farmer easily traceable in case of defaulting or such.

While technological breakthroughs have been large and widespread across other sectors, why are we still witnessing a lag when it comes to the agriculture market? There has been an increased need for agri-tech in recent years and this might be a sign that the waves of technology are finally crashing onto the shore of agriculture.

The country's agriculture sector is likely to experience a revolution as a result of agri-tech, with considerable changes envisaged. Agriculture is reliant on technology, agricultural machinery, food and fertilizers, irrigation, and the market system, and AI will aid farmers in all of these areas over the next few years. From seed planting in the field to crop harvesting and marketing the finished product, agri-tech will be critical at every step.