Boosting Agritech Startups

09 AUG,2020 | MEDC


 

 In India’s Covid-19 affected economy, the farm sector remains one of the few bright spots. Naturally, entrepreneurs and venture capitalists are rushing in to reap that opportunity. According to industry experts, the first six months of 2020 have seen over 15 deals worth $ 85 million in agritech startups, which is more than half the $ 153 million raised through nine deals in all of 2019. The primary consideration is the massive growth potential of the sector, which employs 55% of the nation’s population but accounts for only 15% of GDP. Most of the issues facing Indian agriculture are not new, but the pandemic has turned the spotlight on them since economic revival now hinges critically upon the sustained growth of this sector. A key policy challenge is making agriculture more remunerative for smaller farmers with fragmented holdings. Startups are attempting to do this by reducing the labour cost for small holdings by improving access to technology and ensuring adequate returns to the smaller players by linking them digitally to the marketplace. There is reason to believe that the golden age of Indian agriculture may be just beginning.

*Photo Credit: Google

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