Exploring the Transformative Power of AgriTech

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Exploring the Transformative Power of AgriTech

Sakshi Patidar

@Sakshi10

May 22, 2023

Cloud Computing

228

India, known for its agrarian roots, relies heavily on agriculture, contributing to approximately 19% of the GDP and sustaining 60% of our livelihoods. As our country’s AgriTech industry evolves, it is building solutions that address the challenges hindering India’s agriculture sector. In this blog, we will delve into the pivotal role of technology in improving the agricultural landscape and showcase noteworthy AgriTech innovations that are driving revenue growth for farmers.

Some of the major challenges faced by the agriculture sector in India include – Lack of access to real-time information (Weather, Input availability, Demand of crops in the market), post-harvest losses due to inefficient supply chain, and limited access to credit, etc.

To overcome these challenges, we need technology that enables:

Data-driven decision-making - Tools that provide real-time data, processing, and information dissemination to empower farmers with crucial information on weather patterns, market trends, and crop management practices providing improved productivity for farmers.

The DRISHTI surveillance by TCS is one such initiative that enables informed crop management decisions by identifying problem areas and supporting proactive interventions, maximizing returns for farmers and associated enterprises. By covering 329 million hectares of land, this tool monitors crop health, processes massive amounts of data, optimizes field-level crop monitoring, and improves supply chain planning.

Another such example is Carnot's SIMHA KIT. It is a data-driven solution for accurate boundary detection and area computation of farms in India. It addresses challenges related to GPS data noise, diverse farm shapes, and limited network connectivity. With a 90% accuracy rate in calculating farm area and 99% faster updation of area numbers, it has made a significant impact on the agriculture sector. Over 20,000 tractors are equipped with the solution, registering over 800,000 acres of farmland each season.

Supply chain optimization - Technologies like blockchain, IoT-enabled tracking systems, and data analytics streamline supply chain operations, ensuring efficient storage, transportation, and market access.

One notable example of supply chain optimization in AgriTech is Vasista's cloud-based solution for the dairy industry. By digitizing operations and providing easy-to-use tools, Vasista has transformed the traditionally unorganized dairy sector. With over 60 dairies on the cloud, the solution has managed 320 million server hits in 2022, facilitating an 80% growth in active users and an 80% increase in digital operations. It has significantly improved sales management and streamlined transactions, ensuring efficient handling of millions of small-value transactions.

Climate-smart solutions - Advanced sensors, satellite imagery, and predictive analytics help farmers monitor weather patterns, manage irrigation, and detect early signs of pest infestations or diseases. This enables proactive interventions, minimizing crop damage and increasing resilience.

CropIn is a pioneering climate smart AgriTech initiative revolutionizing agriculture. Using remote sensing, data analytics, and AI, it enables farmers to adapt to climate change and optimize practices. With real-time insights on crop health, weather, and soil moisture, farmers make informed decisions. Precise usage and efficient irrigation help enhance productivity, reduce water usage, and mitigate environmental impact.

FinTech solutions - Digital payment systems and fintech solutions enable seamless financial transactions, credit access, and insurance coverage. This empowers farmers to manage risks and invest in modern farming practices, ultimately improving their income.

Jai Kisan, a FinTech company in India, utilizes a digital platform to provide tailored financial solutions for farmers. Their digital platform simplifies the loan application process, reduces paperwork, and enables farmers to access credit more efficiently. By leveraging data and analytics, Jai Kisan assesses creditworthiness accurately, offering customized loan products and flexible repayment options based on crop cycles and income patterns. Through their digital solutions, Jai Kisan aims to bridge the finance gap for Indian farmers, promoting financial inclusion and supporting agricultural growth.

The Indian government is leveraging digital platforms, particularly cloud technology, to enhance agriculture in the country. Cloud-based platforms provide farmers with real-time access to agricultural information and services, enabling data-driven decision-making. E-governance initiatives digitize administrative processes, enhancing efficiency and transparency. By harnessing cloud technology, the government aims to empower farmers, optimize resource management, and foster sustainable agricultural practices for overall sectoral growth.

One such government initiative is the National Agricultural Market (eNAM), which aims to create a unified national market for agricultural commodities. Through eNAM, farmers can sell their produce online, access better price discovery mechanisms, and receive timely payments. The eNAM markets are getting popular as the crops are weighed immediately, the stock is lifted on the same day and the payments are cleared online. It has features of MIS Dashboard and digital payments increasing adoption.

AgriTech has emerged as a transformative force, offering solutions to the longstanding challenges faced by Indian agriculture. As we move forward, collaboration between technology providers, policymakers, and the farming community is crucial to harness the full potential of AgriTech and drive a sustainable agricultural revolution in India. Together, let's embrace technology and pave the way for a prosperous future for Indian farmers and the entire nation.

To learn more about digitalization in agriculture, here are links to a few nasscom reports:

#NASSCOMCloudAdvocacy #Agritech #digitaltransformation #startsups

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Sakshi Patidar

Senior Associate