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FSG report reveals emerging opportunities & way forward
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Wednesday, 21 September, 2022, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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FSG, a global, mission-driven consulting firm that partners with corporations and foundations to create equitable systems change, launched the Agritech Report 2022 - What’s next for Indian agri-tech? Emerging opportunities and the way forward for India’s agricultural technology sector.
The report captures the current state of Indian agri-tech in India, the landscape of emerging opportunities, and a recommended way forward – for traditional agriculture companies to succeed across the agriculture value chain, and for agri-tech start-ups to address the stiff competition ahead.
The report highlights that while traditional agriculture companies lag behind in most categories, large agrochemical players benefit from in-house R&D and a greater investment capacity. They are therefore ahead in developing, producing, and marketing sustainable and specialised inputs such as bio-fertilisers and organic fertilisers.
However, traditional agriculture companies focused on the upstream and midstream value chain, including in-farm mechanisation solution providers, lag behind start-ups in most other agri-tech innovation categories. The time is right for traditional agriculture enterprises to embrace technology - whether they choose to deepen their expertise as specialised solution providers, or to expand into adjacencies.
The report points to how agri-tech start-ups will need an acute focus on profitability and sustainable growth to survive an emerging `battle of platforms’. This situation will be exacerbated by a funding slump in the medium term amidst an overall slowdown in global investment activity.
The report also indicates that the next phase of India’s agri-tech growth story will be driven by categories such as bio-stimulants, farm management software, remote sensing and advisory, farm automation, novel farming systems, seed-to-fork traceability, and agri-carbon.
Rishi Agarwal, managing director, head – Asia, FSG, said, “New developments in engineering and technology are changing traditional farming practices. Innovations in agricultural technology have the scope for improving not just agricultural yields, help adoption of sustainable farming practises but also help farmers improve their lives. Legacy agricultural businesses need to make calculated and fast decisions to keep up with this rapidly evolving environment. Irrespective of whether they want to become a professional solutions provider or expand geographically, they will need to leverage technologies such as data analytics and digital networks.”
“While these recent positive developments are encouraging, agri-tech companies should also pay attention to medium- to long-term trends in order to make informed business decisions. India's agri-tech advances, if properly harnessed, present a golden opportunity for sustainable and equitable growth that will not only ensure agribusiness profitability but also improve farmers' livelihoods,” Agarwal concluded.
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