How India will become Self Sufficient and Self-Reliant through Sustainable Startup Ecosystem? Future Research Directions

ABSTRACT

Agriculture is experiencing a period of diversion, as agri-startups provide system to help producers in maximizing their produce and enhancing their living conditions and income. Growth of agriculture sector has been fluctuating: it increased from -0.2% in 2014-15 to 6.3% in 2016-17, and then declined to 2.8% in 2019-20. Gross fixed capital formation in agriculture decreased from 17.7% of Gross Value Added (GVA) in 2013-14 to 15.2% of GVA in 2017-18. Doubling farmer’s income will require addressing issues such as access to credit, insurance coverage, and investments in agriculture. India has relatively lower farm mechanization which needs to be addressed. Further, the food processing sector requires more focused attention as it can play an important role in reducing post-harvest losses and aid the creation of an additional market for farm outputs. All this can be achieved by building a sustainable startup ecosystem. Seed and early stage start-ups account for more than 90 percent of all venture capital funding today. Making full use of the capabilities of agritech to tackle the difficulties facing Indias farming industry is doable with private money, and this provides a significant potential for change, engagement, and influence in the agricultural sector. Farming technology (Agritech) in India has grown to be a thriving industry, with many businesses experimenting with communications technology like data analytics, machine learning and satellite imaging among others, to help farmers optimise their productivity. Technology is increasingly being a solution for raising agricultural production and productivity. Because of this, agricultural technology firms are incorporating artificial intelligence, computer vision, and aerial imaging analytics into arming operations in order to make farming processes more efficient and lead to smarter choices that will result in increased yield and production. Number of Agri-startups in India is 13,4,12 and 5,334 are Department for Promotion of Industry and Internal Trade (DPIIT) recognized. Whereas in Jammu and Kashmir (UT), the business incubation model is in its immaturity stage, the number of Agri-Startups in J&K is 327 with only 20 startups registered under DPIIT. All participants in the agricultural sector, from governments to agri-start-ups to investors, must group together if they are to capitalize on the potential to transform the industry. In this paper, existing literature has been complied to derive future research directions, this paper sets out a comprehensive analysis of the existing literature on startup and incubation system in agribusiness. Agriculture is experiencing a period of diversion, as agri-startups provide system to help producers in maximizing their produce and enhancing their living conditions and income. Growth of agriculture sector has been fluctuating: it increased from -0.2% in 2014-15 to 6.3% in 2016-17, and then declined to 2.8% in 2019-20. Gross fixed capital formation in agriculture decreased from 17.7% of Gross Value Added (GVA) in 2013-14 to 15.2% of GVA in 2017-18. Doubling farmer’s income will require addressing issues such as access to credit, insurance coverage, and investments in agriculture. India has relatively lower farm mechanization which needs to be addressed. Further, the food processing sector requires more focused attention as it can play an important role in reducing post-harvest losses and aid the creation of an additional market for farm outputs. All this can be achieved by building a sustainable startup ecosystem. Seed and early stage start-ups account for more than 90 percent of all venture capital funding today. Making full use of the capabilities of agritech to tackle the difficulties facing Indias farming industry is doable with private money, and this provides a significant potential for change, engagement, and influence in the agricultural sector. Farming technology (Agritech) in India has grown to be a thriving industry, with many businesses experimenting with communications technology like data analytics, machine learning and satellite imaging among others, to help farmers optimise their productivity. Technology is increasingly being a solution for raising agricultural production and productivity. Because of this, agricultural technology firms are incorporating artificial intelligence, computer vision, and aerial imaging analytics into arming operations in order to make farming processes more efficient and lead to smarter choices that will result in increased yield and production. Number of Agri-startups in India is 13,4,12 and 5,334 are Department for Promotion of Industry and Internal Trade (DPIIT) recognized. Whereas in Jammu and Kashmir (UT), the business incubation model is in its immaturity stage, the number of Agri-Startups in J&K is 327 with only 20 startups registered under DPIIT. All participants in the agricultural sector, from governments to agri-start-ups to investors, must group together if they are to capitalize on the potential to transform the industry. In this paper, existing literature has been complied to derive future research directions, this paper sets out a comprehensive analysis of the existing literature on startup and incubation system in agribusiness.

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