As per Chinese demographers, in the next 5 years, India’s population will overtake that of China. The majority of the Indian population is still dependent on agriculture as its primary source of income. India’s agricultural sector is massive. It comprises the world’s second-largest agricultural land area. It is also a major producer of a variety of agricultural commodities. But farmers are still not able to earn respectable earnings. Seven decades after Independence, the majority of farmers are still facing problems of poor production and poor returns. Let’s have a look at some of the key challenges that need to be addressed in order to improve India’s agricultural sector:
1. Soil health
Over half of the soil in India has been degraded in one way or another. The main culprits are extractive farming methods, high use of chemicals, and overuse of fertilizers. Research institutions, agricultural universities, fertilizer manufacturers, state departments of agriculture, and farmers’ associations should all work to improve soil productivity by addressing its physics, chemistry (macro and micronutrients), and microbiology at the same time.
2. Water supply
Reservoir levels are now substantially lower than that of the previous year and below the last 10-year average. (Sep 2021). Water is not a privately owned property but a common interest and a social resource. Privatization of its distribution carries risks and may result in water conflicts in local areas. Therefore, rainwater harvesting and groundwater recharge should be made mandatory to improve supply.
3. Technology
Technology plays a significant part in farming and agriculture activities. Nowadays, new-age farmers know its importance. With advances in technology, farmers can produce more efficiently with less manpower. Ideally, agricultural scientists should describe fresh variety and technology performance in terms of net revenue per acre rather than yield per acre.
4. Credit
The majority of agricultural credit is not available to small and marginal farmers. As per information provided by the Reserve Bank of India, this target group is only receiving only 30-40% of loans meant for the sector. Credit is one of the most important factors to increasing small farm productivity. By international standards, India has a wide range of saving and lending interest rates. Therefore, the financial delivery system must be made more efficient by controlling both transaction and risk costs.
India’s agriculture industry is still very important to the Indian economy. Even though its share in the economy has decreased over the past 50 years, India has made great agricultural progress. In recent years, India has taken major steps towards increasing agricultural productivity, including the implementation of better seed varieties, increased fertilizer use, and better water management systems. Land reforms, water management reforms, and technology will further boost production and help India meet the higher food demand.
With these reforms, farmers will have more crops to sell. With more crops, the number of commodities arriving at the mandis will increase. This will also increase the workload of commission agents. Mandi accounting will thus take more time. Understanding the concerns of commission agents in mandi accounting and turning them into opportunities, Bijak which is India’s Number 1 Agritrading App, came up with a solution for mandi accounting called ChargeERP.
ChargeERP the solution
ChargeERP accounting software has been designed keeping in mind the daily interactions of commission agents in agricultural mandis. It is a cloud-based accounting software introduced with the core aim of reducing the agent’s workload. ChargeERP is the easiest online accounting software available in India. One of the many benefits of this platform is that it can be accessed from anywhere and from multiple devices. It provides data security with end-to-end encryption. Plus, it doesn’t require any kind of technical or accounting expertise.
If you are looking to explore more about this next-level accounting software, feel free to dial +91 9311341199 or visit www.chargeerp.com, and request your free demo today. We also suggest that you follow us on Facebook for regular updates. You can also view the latest instructional videos on the ChargeERP YouTube channel.