According to a research, India can produce USD 813 billion in income by 2030 by investing USD 272 billion in agritech and related industries, creating 152 million employment, making it the country’s largest private sector industry. According to a report titled ‘Investing for Impact: Food, Agri, and Agritech‘ by Aspire Impact, with agriculture continuing to be the country’s mainstay of economy, investment in agritech and allied segments can transform the face of Indian agriculture, with far-reaching implications for food security and sustainable farming solutions.
According to Amit Bhatia, founder of Aspire Circle and developer of the Impact Future Project, India has received roughly USD 9 billion in FDI investments in the agriculture industry over the last decade.
He went on to say that this decade presents India Inc with an opportunity to tap into the vast untapped potential of the sector and change it into something more sustainable and future-ready.
“The top-10 ideas examined by the IFP community can attract USD 272 billion in investments and generate USD 813 billion in revenue, affecting 1.1 billion lives,” he added.
Leading agritech specialists, industry leaders, academics, and thinkers contributed to the paper.
According to the survey, India faces a number of issues in terms of agricultural practises, including low mechanisation levels of 40-45 percent, compared to 90 percent in industrialised nations.
According to the report, the country faces the greatest production risk, with 68 percent of the cultivation area directly dependent on the monsoon, which accounts for 40-45 percent of overall agriculture production.
The food processing industry lost USD 14 billion in 2018 due to a 3.2 million-tonne cold storage shortage.
Simultaneously, the survey said that 55% of the country’s woods are prone to fire, with 70% lacking natural regeneration.
The fact that demand for critical food grains is forecast to expand at a 3% yearly rate, despite a projected population growth of 2%, highlights the country’s current predicament.
India will require roughly 600 million tonnes of milk per year in 2060 and beyond to meet its dairy needs, according to the report, which also stated that considerable investments in the industry, as well as a legislative push, are required to achieve transformation in agriculture methods and ecology.
India Inc has already begun paving this path to change, it said, with agritech startups and creative models expected to dominate the industry.