The agriculture industry holds a large share of India’s GDP. This is because of the fact that agriculture offers food, fabrics, Cotton, wool, leather, and other agricultural products. Because of this, the Indian farming as a service market is projected to show significant growth in the coming years.
This can also be credited to the Indian government for coming up with initiatives like the Soil Health Card Scheme, Prime Minister Kisan scheme, and also many private players contributing to the improvement of agricultural productivity and efficiency.
In terms of revenue, farm management solutions had the largest share of the industry in the recent past. This is credited to the existence of several industrial stalwarts and big funding by public and private industries. Furthermore, the rapid enhancement of solutions and products for farming activities is contributing to the growth of farm management solutions.
The government of India is providing many opportunities and supporting the agriculture industry, which is why investors are not shy of making big investments in start-ups related to agricultural technology.
Report Description: https://www.psmarketresearch.com/market-analysis/india-farming-as-a-service-faas-market
For example, in the year 2021, $20 million were invested in Cropin Technology Solutions Pvt. Ltd. by ABC World Asia, while $4 million were funded in RML Information Services Pvt. Ltd. by Nandan Nilekani in 2017. Therefore, the acceptance of the farming as the service concept is projected to show decent progress in India in the coming years.
For providing security and benefits to farmers, the Indian government has come up with many initiatives, to avert deceitful activities like the Paramparagat Krishi Vikas Yojana and establishing the Agricultural Technology Management Agency. Therefore, the government of the country is investing in substructure and promoting start-ups related to Agricultural Technologies, which will contribute to the growth of Indian farming as a service market in the coming years.
Internet connectivity can be beneficial for farmers in many ways, such as, minimizing waste and enhancing the usage of numerous inputs in farming actions can help in cost reduction. As the adoption of internet in rural areas increases, the acceptance of FaaS increases as well, as it offers several benefits like increase in productivity and efficiency.
In India, the agriculture sector is vast, and many well-known players, along with startups, are making an entery. There are some major players operating like Mahindra & Mahindra Ltd., Utkal Tubers India Pvt. Ltd., Em3 Agriservices Pvt. Ltd., RML Information Services Pvt. Ltd., Deere & Company, Intello Labs Pvt. Ltd., and KhetiBuddy Agritech Private Limited.
In India, agriculture is the most important source of revenue for the central and state governments. And with the growing population, the need for agricultural goods will also increase, eventually driving the Indian farming as a service industry in the near future.
SOURCE: P&S Intelligence