The Uttar Pradesh government has reportedly teamed up with key players in the local agriculture sector to enhance agritech startups and incorporate artificial intelligence (AI) into farming methods.
As an integral part of this initiative, the state government also intends to organize a global farming summit, named ‘Krishi Bharat’, scheduled for November this year, in collaboration with the Confederation of Indian Industry (CII), according to Business Standard.
The event aims to unite local agritech startups and international venture capitalists with the goal of stimulating investments in the domestic agriculture value chain, as stated by Tarun Sawhney, chairman of CII Krishi Bharat 2024, to the publication.
Madhav Singhania, Chairman of CII’s northern region and CEO of JK Cements, expressed the industry’s eagerness to address policy issues in collaboration with the government and enhance the technological aspect of agriculture.
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According to the report, the summit will attract delegates from countries including the US, Germany, Brazil, Italy, Poland, France, Spain, Indonesia, and Kenya. The state intends to organize the event following the model of its flagship ‘UP Global Investors Summit’. For context, the February 2023 edition of the event garnered investment proposals worth INR 40 Lakh Cr.
Although it holds the title of the country’s top agricultural producer, the state falls short in crop yield and efficient food processing, resulting in diminished farm incomes. In response, the state government appears to be considering the adoption of technology and smart farming methods to boost yield and uplift small-scale farmers.
Despite contributing nearly 19% to the country’s GDP, the agriculture sector remains hampered by outdated farming methods and reduced output. Nevertheless, agritech startups are aiming to revolutionize this scenario by harnessing the power of technology.
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Several startups, including DeHaat, Gramophone, Ninjacart, and Waycool, have emerged in the country in recent years to address the challenges faced by the agricultural sector. According to data, these startups collectively raised more than $2.4 billion in funding from 2014 to February 2024.
According to an EY report, India’s agritech startups anticipate a total market opportunity of $24 billion by 2025.