Agri-Technological Innovations in India
Recently, the Atal Innovation Mission (AIM) of NITI Aayog and the United Nations Capital Development Fund (UNCDF) have released a white paper on agri-tech innovation in India.
Some time ago UNCDF launched an innovation platform in collaboration with AIM, Bill & Melinda Gates Foundation and other organizations.
The platform aims to enable cross-border exchange of innovations, insights and investments.
The first initiative of this platform is the Agri-Tech Challenge. This white paper has been issued under this challenge.
Agri-tech is the use of technology and technological innovations to improve the efficiency and production of agricultural processes.
The potential of the Indian agri-tech market is estimated to reach US$ 24 billion by 2025. Of this, only less than 1% has been achieved so far.
Challenges before Agri-tech startups –
- The high cost of infrastructure and equipment is a major barrier to the expansion of agri-tech solutions.
- There is a lack of digital literacy.
- The cost of reaching customers is very high.
- Data sets related to agriculture and farmers are insufficient.
Key recommendations of report –
- Easy access to available public data about farmers, land records, financial status, weather reports, meteorological data etc. should be ensured.
- Transparency should be ensured in the licensing process for agri-tech start-ups by digitizing the entire process.
- The creation of local agriculture-related infrastructure should be encouraged. This should be done by providing incentives and funding from formal financial institutions.
- State specific agri-tech policy should be adopted to promote agri-based start-ups.
UN Capital Development Fund (UNCDF)
- It is the principal catalytic financing institution of the United Nations for the world’s least developed countries (LDCs).
- It is an autonomous and voluntarily funded United Nations organization. It is an organization affiliated to the United Nations Development Programme.
- It was formed in 1966 by the United Nations General Assembly.
Source – PIB