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India Can Rope in $813 billion in Revenue from Agriculture and Related Sectors by 2030: Report

    24 December , 2021         Fdiindia

India Can Rope in $813 billion in Revenue from Agriculture and Related Sectors by 2030: Report

As per a report compiled by leading agritech leaders, industry experts, academics and thinkers, India can generate up to $813 billion in revenue from agriculture and related sectors by 2030, creating 152 million jobs in the process.

As per the report, this can be achieved through an investment of $272 billion in the agricultural segment and the food processing industry, which will make it the largest private-sector industry.

Amit Bhatia, founder of Aspire Circle and creator of Impact Future Project (IFP), said that the FDI inflow in India’s agriculture sector over the past decade touched $9 billion.

The report titled ‘Investing for Impact: Food, Agri and Agritech’ by Aspire Impact highlighted that the agriculture sector is the backbone of India’s economy.

It said that investment in agritech and allied segments could give the Indian agricultural scene a makeover. There will be long-lasting implications guaranteeing food security and enabling sustainable farming technologies.

Bhatia added that this decade brings with it immense opportunities for India to tap into the unexplored agricultural resources to make the sector sustainable and prepare it for future challenges.

“With smart innovations, infrastructure and policy support, and newer business models, the top 10 ideas researched by the IFP community can attract $272 billion in investments and generate $813 billion in revenue, impacting 1.1 billion lives,” he said.

The report further elaborated that India faces many challenges in agricultural practices. This includes automation and mechanization in the agricultural segment, which is current at 40-45 percent as opposed to 90 percent in the developed economies.

India’s primary food grain demand is estimated to grow at the rate of 3 percent per annum, while the population is expected to grow at 2 percent per annum.

The report mentioned that with more agritech startups and innovative business models that are likely to enhance the agricultural sector, the Indian industrial ecosystem has already begun its journey to transformation.

 


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