| | DECEMBER 20228Agriculture has always been a key part of India's growth story, with the country ranking among the Top-III in terms of agri output. As a significant agrarian economy, agriculture employs more than half of the country's population. According to the ministry of statistics, the agriculture sector's contribution to GDP has risen from 17.6 percent in 2018-19, to over 20 percent in 2020-21. This indicates that the sector can still play a key role in achieving the Government's vision of building a $5 trillion economy by FY25, with increasing investments in the sector. Despite agriculture's key role bolstering the country's GDP and offering employment, fundamental challenges in the sector remain, and it still fraught with business risks such as bad weather, pest and insect attacks and market price fluctuations. Significant efficiency gaps, multiple productivity losses in the agri-value chains over time due to persistent structural and operational challenges, have resulted in the sectors declining share in the country's GDP. By decreasing human errors and providing a deeply integrated digital framework for operational management, technology can assist offset these productivity and profitability losses in food value chains and reducing agrarian stress. Factors such as availability of mobile phones and high-speed internet connective have accelerated the adoption of technology on farmland. However, accessibility and affordability of high-end technology remains a key issue for several farmers. Hence AgriTech firms can play a key role in addressing these issues, while driving investments in the sector. According to a PwC report, India stands third after the US and China in terms of AgTech funding. Also, according ENHANCING FARM PROSPERITY THROUGH INVESTMENTS IN AG TECH STARTUPSBy Ramesh Ramachandran, Sr. Vice President ­ Strategy & Farming-as-a-Service (FaaS), Farm Equipment Sector, M&MINDUSTRY INSIGHTSRamesh as strategy head of the $4 billion Farm Equipment Sector he is responsible for strategy development and implementation and for identifying and incubating new revenue opportunities, both organically and inorganically.Ramesh Ramachandran,Sr. Vice President
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