The agritech sector has grown significantly in the last ten years, with the number of startups increasing from 50 to 6,224, along with investments.
Despite challenges like environmental concerns and fragmented landholdings, agritech has the potential to address inefficiencies, boost productivity, and create jobs in agriculture.
Currently, the agritech sector faces limited reach and reduced funding over the past year.
Government initiatives over the past decade aim to promote technology and innovation in agriculture, offering substantial funding and job opportunities despite challenges.
In the recent budget presentation, Finance Minister Nirmala Sitharaman outlined various government initiatives for farmers and emphasized support for innovation and startups.
The government has been promoting agritech solutions to transform agriculture, including launching the Startup India initiative in 2016 and announcing an agriculture accelerator fund in 2023.
The number of agriculture startups has increased significantly from around 50 in 2014-15 to 6,224 in December 2023.
Agritech involves using advanced technology and innovations in agriculture to enhance farming practices.
According to a 2023 report by the Indian Council for Research on International Economic Relations (ICRIER), agritech startups have received significant funding, with investments totaling $545 million between 2014 and 2019.
The COVID-19 pandemic also created new opportunities for the agritech sector, with a total funding of $1604 million secured in the financial year 2021-22, four times more than the previous year.
