The agritech sector in India is on the verge of a significant transformation, poised to generate between 60,000 and 80,000 new jobs over the next five years. This burgeoning field, which already employs around 100,000 people, encompasses a wide range of roles from technical and operational to managerial positions.
A comprehensive approach to agriculture, agritech covers everything from advancements in water irrigation and seed optimization to the provision of cutting-edge farm machinery and market access for produce selling. It goes further by offering real-time advisory services on climate, pests, and irrigation, empowering farmers to make well-informed decisions.
India is seeing a rapid growth in agritech startups—around 450 by 2022, growing at a 25% year-on-year rate. The sector is not only focused on technological innovation but also bridges financial gaps through credit, insurance, and digital payment solutions. Despite the low penetration of 1.5%, the sector presents a USD 24 billion opportunity, as reported by EY.
(With inputs from agencies.)