Plight Of India's Agrarian Economy
Building a 360 degree approach to transform India’s Agrarian Economy
India is an Agrarian Economy and 55% Of India’s population relies on agriculture as their main source of income. Agriculture accounts for almost a quarter of India’s GDP with 70% of it’s rural households being Agrarian families. However, farming has remained relatively untouched by the push to modernize the world’s fastest-growing major economy.
In India the agricultural economy has grown at below 3 percent annually on average, less than half the growth experienced in the wider economy. Many farmers rely on the most basic of technologies and own smaller landholdings that preclude economies of scale.
The markets farmers sell their produce into are often disorganized at best, dysfunctional at worst. Crop prices have fallen, fertilizer costs have increased, rural unemployment is rising, irrigation programs are inadequate and insuring against crop failure is a cumbersome process mired in red tape. As a result, farmers have increasingly turned to loans, adding the pressure of meeting repayments into an already fraught mix. About a quarter of farmers live below the official poverty line, while 52 percent of farming households are indebted (in some states, more than 90 percent). The latest government figures show farmer suicides surged 42 percent to about 8,000 in 2015, when some 4,600 agricultural laborers also took their own lives
The agrarian sector is plagued by a myriad of problems ranging from lack of technology to lack of education. Whilst solving core problems, we are building solutions with our partners that transform the sector multidimensionally.
The core problems in the agriculture sector exist because of lack of transparency and education for farmers. Proper resources are not accessible to the farmers that can enable them to improve yield and reach different markets to get better prices. We along with our partners are working on a variety of solutions to address the core problems.
- Connectivity is a huge problem in rural parts of India. We are bringing in solutions that enable farmers to be always connected to the internet enabling them with better learning and outreach opportunities.
- Food Distribution and supply involves a lot of middlemen and there is upto 30% of loss due to theft. We are building a BlockChain based solution with analytics to improvise supply chain and provide better insights.
- Along with our partners we are enabling farmers with solutions powered by the connected core to analyze soil quality and grow crops that will give a better yield and have more demand in the market.
- Along with crops, cattle is an important asset for the farmers. Using IoT solutions, we are enabling farmers to track the health of their cattle better and provide them the right nutrition.
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