Current Agricultural Market is offering more and more possibilities for entrepreneurs

Agriculture now accounts for 19.9% of the gross domestic product (GDP), up from 17.8% in 2019-20, according to the Economic Survey 2020-2021. This is good news not only for India's more than 150 million farmers, but also for industries that depend on a healthy harvest to stay afloat.

Get to know the field

With the rise of agri-entrepreneurship, it's a good idea to investigate the different options available in this area. Soil science, agricultural chemistry, seed technology, and other topics are included in short-term certificate classes, diplomas, and degrees in agriculture and agricultural engineering.

Postgraduate degrees and academic opportunities are also open for those with a deeper understanding. All of this, though, is based on having learned Science in class XII (a mixture of physics, chemistry, biology, and math). That isn't to say that students with a Humanities or Commerce experience can't become farmers.

Humanities students can use their soft skills and knowledge of social complexities to run their companies, while the latter can play a critical role in the management of an agribusiness. Furthermore, they can still develop their skills by selecting from a variety of approved online courses.

Competitive advantage

With the introduction of new ideas such as "precision agriculture," "farm to fork," and "farming as a business," technology has become increasingly important in this field. Entrepreneurs can gain a strategic advantage quicker by studying agriculture or a niche domain within it.

Farmers can benefit greatly from being a member of the agri-value chain, as it provides them with greater access to high-quality crops, a variety of irrigation systems, fertilisers, and farm tools and equipment, to name a few. In India's agribusiness industry, there are already a lot of competitors, and their numbers are growing.

According to a NASSCOM survey, the country has over 450 agriculture-related start-ups that have received approximately $248 million in funding as of June 2019.

Knowing the industry well would also not only assist entrepreneurs in designing a business plan that is both practical and appealing to their interests, but will also assist them in negotiating with fund managers by providing expertise and technical experience.