Image Source : PEXELS Photo of people on a cropland
The agriculture sector, often referred to as the backbone of the economy, has been a focal point for the government’s attention in recent times. Despite numerous challenges and obstacles, the government has undertaken a diverse range of initiatives aimed at fortifying the agriculture sector.
The government has taken several steps to increase investment in the agriculture sector, such as enhanced institutional credit to farmers and the promotion of scientific warehousing infrastructure, among others. The government’s push for developing innovative solutions has also seen several agritech startups take shape and play their part.
As the agriculture sector undergoes a vertical transformation with the government introducing several welfare schemes, agri-input firm Nirman Agri Genetics has announced that it has signed a pact with Toshan Seeds as it looks to expand its offerings.
According to an exchange filing, the strategic move will redefine the sector’s growth trajectory. The partnership will also serve as a pivotal catalyst for amplifying its presence in emerging markets. It added that the alliance conservatively estimates a minimum addition of Rs 300 million (Rs 30 crore) to topline.
It also emphasized that the collaboration will help in introducing new products coupled with technologies and R&D (research and development), support the agriculture sector, enhance farmers’ incomes, and strengthen the agriculture economy.
Today, there are many agritech startups that are contributing to the government’s vision. On its part, the government is implementing various schemes for the supply of farm inputs, like seeds, fertilizers, agricultural machinery and equipment, irrigation facilities, institutional credit, etc., at subsidized rates to the farmers.
According to government data, India, apart from meeting domestic requirements, has also rapidly emerged as the net exporter of agricultural products in recent years. Agriculture exports touched a record $50.2 billion in FY 2022–23 and is poised to grow further in the current financial year.
According to the estimates released by the Ministry of Statistics and Programme Implementation (MoSPI), the gross value added (GVA) of agriculture and allied sectors has remained above 18 per cent in the past two financial years.
Latest Business News
Source link
