Agriculture plays an important role in strengthening the Indian economy. Since we are embracing ‘agriculture entrepreneurship’ as a medium of sustainable growth, it is imperative to know the opportunities and challenges of this sector. Although we have achieved many milestones, challenges like low productivity and profitability still exist. Therefore, we should know this sector in and out to pave the way for a promising future.
Agri entrepreneurship at a glance
It is a term associated with agriculture marketing and manufacturing of agricultural produce. It actually consists of technical, managerial and innovative skills of entrepreneurship affiliated to agriculture. Agri entrepreneurship has the potential to increase the profitability of the farming businesses and can even help in reducing poverty. Furthermore, it can provide support to the rural economy. In simple words, it can emerge as a sustainable medium of growth in our country.
New areas of agri entrepreneurship
It can be divided into four categories:
- Farm-level producers: Here the producers are treated as an enterprise. They utilize technology to increase production and to meet market demand efficiently.
- Service providers: It includes the distribution and borrowing of farm equipment like tractors, sprayers, etc. In addition, weed curbing, threshing, livestock husbandry, cattle feed, irrigation and warehouse facilities are also a major part of this domain.
- Input producers: It involves the production of biopesticides, biofertilizers, vermicompost, agricultural tools, and cattle feed concentrates, etc. Input production can be done by home entrepreneurs in rural areas as well.
- Processing and marketing: It involves big investments and organizations. A qualified and skilled workforce is the prerequisite for such processing and marketing enterprises.
Benefits of agri entrepreneurship
- Increase in agriculture productivity
- Creation of new jobs
- Rural development
- Scope for business ventures
- Reduced rate of migration
- Economic development
- Lack of entrepreneurship skills
- Difficulties in accessing credit
- Lack of proper training
- Low bargaining power
- Economic instability
Seeing the potential in the sector, the government of India is providing aid in enabling an ecosystem to help agri entrepreneurs. In 2018-19 the Department of Agriculture, Cooperation & Farmers Welfare launched a special programme called “Innovation and Agri-Entrepreneurship Development.” Being an important component of the Rashtriya Krishi Vikas Yojana, this programme aims to promote innovation and entrepreneurship in this domain. The government provides financial support to deserving start-ups who work in agriculture and allied sectors.
According to a PIB report, around 346 start-ups are funded by the government under this programme. Along with it, the government had organised Agri-Food Techathon so that innovative ideas related to the sector can be promoted.
Just like the government is trying to encourage innovation in agri entrepreneurship, ChargeERP is promoting technology in the agribusiness domain. This advanced cloud-based online accounting software is helping commission agents (aadathiyas) to overcome the challenges of mandi accounting. It has several unique features which make accounting super smooth. Let’s take a look at a few of its benefits –
- It reduces accounting time by 90%.
- It can be accessed from multiple devices across the globe.
- It uses end-to-end encryption to keep your data safe and secure.
- It uses cloud technology to save data.
- It does not require technical or accounting expertise.
- It is cost-effective.
In conclusion, we would like to say that by encouraging entrepreneurship in the agriculture domain, new milestones can be achieved. Sustainable and community-oriented enterprises can lead a new way for rural India. Domestic start-ups can play a significant role in uplifting the economy.