Indian Agri-tech industry revenue to reach more than INR 11,000 Cr by 2025 and witness a CAGR of 32.0% during 2020-2025., as per findings released by Ken Research.
1. Strong Already Existing Infrastructure Sets the Path for The Agritech Market Revenue to Reach Almost INR 11,000 Cr By 2025.
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Agriculture industry in India has been growing over the years but has experienced volatility and fluctuation. The market growth is dependent on various factors such as climatic conditions, productivity of the crop, weed management, pest and disease management. Satisfactory monsoon season in 2017 led to high growth in agriculture produce. Moreover, almost 285 new irrigation projects were undertaken in 2018 to provide irrigation for more than 16 Mn hectares of land.
2. Rising Number of Agritech Startups has been Playing Major Role in the Boom in the Agritech Industry in India; How These Startups Would Shape the Agricultural Setup in the Country?
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Number of Agri-tech startups in India have witnessed a sharp spike from almost 60 in 2014 to ranging 600-700 by the end of 2020, growing at a CAGR of over 47.0%. Nearly, 75% Agri-tech startups have incepted post-2013, with 2015 and 2016 witnessing the emergence of maximum number of players. Moreover, the adoption of Agri-tech solutions among farmers and farmer organizations continues to be low and startups experience long gestation period to develop trust amongst the community. In addition, total 8 Indian states including Delhi, Haryana, Tamil Nadu, etc, are each home to at least 25 Agri-tech startups. Maharashtra and Karnataka together account for almost 50% of the Agri-tech startups in India.
3. Other Government Policy Support to Improve Agri Export Volumes from India from almost USD 35 Bn by 2020.
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- The Agriculture Export Policy, 2018 was approved by Government of India in December 2018. The new policy aims to increase India’s agricultural exports to almost 100 bn in the next few years with a stable trade policy regime.
- The GoI has come out with the Transport & Marketing Assistance (TMA) scheme to provide financial assistance for transport & marketing of agriculture products in order to boost exports.
- The agriculture reform laws announced by the govt. in 2020 also aim to increase Agri exports by allowing farmers to directly trade with exporters & by exemption exporters from stock limits.