Agriculture is one of the most profitable businesses in the world. Fortunately, India acts as the second largest agricultural land in the world. The demand for healthy food increases day by day. Rise in population every year will cause a serious food shortage problem by 2030. Solving this problem is the need of the hour.
We are aware of the fact that the agriculture sector makes a significant contribution to the Indian economy. Nearly 50 per cent of the Indian rural workforce is employed in Agriculture. However, there is a steady decline in this number due to various problems. Also, the contribution of agriculture to Indian GDP is reducing year-on-year. There are several reasons for this trend namely:
On the positive side, some of the above problems are being solved and addressed by Agritech startups. Agritech is the use of technology in agriculture to increase the yield and profitability. In 2016, over $3Bn was invested in the agriculture sector worldwide.
These technology startups are creating new jobs within the agriculture sector. Over the past few years engineers, entrepreneurs and venture capitalists have shown more interest in Agritech space. More than $35 million was invested in various startups in 2017. There is enough scope for investment and growth in this space in the coming years.
One of the major challenges for these Agritech startups would be talent attraction. The traditional middle-class population have not developed a mindset to accept permanent jobs in the agriculture sector considering the current pathetic condition of farmers in India. The education ecosystem in India is not producing enough employable engineers and graduates for the growing Agritech space. However, engineers from various premier institutions in India are founders, co-founders and investors of various Agritech startups.
A list of promising Agritech startups
Some of the job roles in Agritech startups are listed below