The state government plans to host farming summit, ‘Krishi Bharat’, in November to spur investments in local agritech startups
Agriculture industry stakeholders are keen on resolving policy issues in consultation with the government and upgrading the technology quotient in agriculture, said JK Cements’ CEO
As per a report, India’s agritech startups are looking at a total market opportunity of $24 Bn by 2025
The Uttar Pradesh government has reportedly joined forces with the stakeholders of the local agriculture industry to bolster agritech startups and integrate artificial intelligence (AI) into farming practices.
As part of this initiative, the state government also plans to host a global farming summit, ‘Krishi Bharat’, in November this year in partnership with the Confederation of Indian Industry (CII), Business Standard reported.
The event will bring local agritech startups and global venture capitalists under one roof with an eye on spurring investments in the domestic agriculture value chain, CII Krishi Bharat 2024’s chairman Tarun Sawhney told the publication.
CII northern region’s chairman and JK Cements CEO Madhav Singhania said that the industry is keen on resolving policy issues in consultation with the government and upgrading the technology quotient in agriculture.
As per the report, the summit will see participation from delegates from countries such as the US, Germany, Brazil, Italy, Poland, France, Spain, Indonesia and Kenya. The state plans to organise the event on the lines of its flagship ‘UP Global Investors Summit’. For context, the February 2023 edition of the event brought in investment proposals to the tune of INR 40 Lakh Cr.
Despite being the country’s leading agricultural producer, the state lags behind in terms of crop yield and lacks optimal food processing. This, in turn, leads to lower farm incomes. The state government now seems to be looking at introducing technology and smart farming practices to increase yield and empower small-scale farmers.
Accounting for nearly 19% of the country’s GDP, the agriculture sector continues to be plagued by archaic farming practices and lower output. However, agritech startups are looking to change this by leveraging technology.
A number of startups, including DeHaat, Gramophone, Ninjacart, and Waycool, have emerged over the past few years in the country to solve the woes of the agricultural sector. These startups managed to secure over $2.4 Bn in funding between 2014 and February 2024, as per Inc42 data.
As per an EY report, India’s agritech startups are looking at a total market opportunity of $24 Bn by 2025.
