How Agri-tech has Enabled New Business Startup Ideas to Flourish
India holds the second-largest agricultural land in the world with around 60% of the rural population involved in the business of agriculture. However, India had hardly succeeded in attracting educated individuals for business purposes in the agricultural sector before the technological intervention happened here. The face of the Indian agricultural sector has started to change because of the technologies and this has enabled new business startup ideas to flourish in the economy. This makes the sector promising to the educated population as well.
Agriculture technology, popularly known as Agri-tech, has paved the way for the required transformation in agricultural sector in India and is able to entice people from the fields of technology towards it.
Here are some of the agricultural technologies that could change the face of Indian agriculture sector completely.
Financial Technology (Fintech)
Farming requires a huge amount of capital. Farming activities like irrigation, buying fertilizers and insecticides, and ploughing among others could be carried out only if the capital is available. But, in India, many of the farmers could not afford the amount of money required for farming. They have to borrow money from moneylenders, which ultimately led them drowning in debt. Many of the farmers go suicidal because of lack of money.
In such cases, fin-tech-based startups have surely helped out farmers in fighting the issue. Fin-tech companies could provide direct loans to farmers. Such companies also help farmers make the direct connection with moneylenders rather than involving a middleman.
E-commerce and Market Linkages
E-commerce websites provide platforms to farmers and merchants where they could buy agricultural inputs as well as could sell their products without the involvement of any middleman. This could help the farmers to utilize their assets and earn direct profits for their products. There are a few of such e-commerce websites in the market and the competition is quite low in this field. If more and more entrepreneurs shift their focus to this side, the agricultural sector could do much better. This way, there could be mutual benefits to both the sectors.
Nanotechnology in agricultural sector helps in the development of genetically modified crops, animal production inputs, chemical pesticides and precision farming techniques to ensure better crop yielding. Nanotechnology plays a significant role in agricultural sector due to its enormous benefits and hence becomes quite a lucrative opportunity to get a breakthrough in agricultural sector.
Throughout all these years, farming has beenknown to be a manual work, which had to be done through human presence and precision. But, with the onset of technology, this myth is now busted. Smart machineries are able to carry out various activities such as cleaning, sorting and processing crops at the farm, among others. Remotely operating machines are being used to carry out operations using harvesting robots, seeding machines, etc and this has made farming easier and more lucrative than it was.