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7 ways India's farm sector has evolved in the past decade

By Finserv MARKETS - Nov 29,2019
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India's farm sector has evolved in the past decade

The agricultural sector in India has grown by leaps and bounds over the last few years. With new crops being introduced in the market, farmers now have more opportunities than ever before. Globalization has allowed for demand to be generated locally as well as globally, allowing farmers to not just capitalize on local markets, but also foreign ones.

In the last decade alone, the Indian agricultural sector has grown rapidly with farmers and planters reaping higher profits than ever before, across the country. However, investing in the farm sector has also become more expensive with substantial financial capital being required for planting crops. On the other hand, the options for investment have also increased with krishi loans being more easily accessible. Business loans which provide capital of upto Rs. 30 lakh, can be availed on Finserv MARKETS. What’s more, your business loan application can be approved within 3 minutes. The loan amount is disbursed to your account within 24 hours, and you can use it to begin your tryst with the farm sector.

Evolution in the farm sector has led to several prominent changes in the way the agriculture industry is organised. Read on to learn about the different trends that have emerged in India’s farm sector over the past decade.

India's farm sector has evolved in the past decade
Source: https://www.ibef.org/industry/agriculture-india.aspx

  1. Increasing Demand and Production of Food Crops:

The Green Revolution saw the production of food grains increase by a substantial margin. While this made the country self-sufficient, it has not reduced the demand. On the other hand, demand for food grains continues to rise and will further grow in line with the increasing population. Along with food grains, other food crops including fruits, vegetables and others are seeing increased demand.

  1. Increased Diversification of Agriculture:

In recent years, the agricultural sector is diversifying extensively with more and more planters opting to farm horticulture crops and cash crops, including spices, cashew nuts, flowers, coconuts and areca nuts. These crops see higher profits as well, since the demand for them is high not only from the local market, but also abroad.

  1. Increased Floriculture:

Flowers have always been a favoured agriculture product, with demand for the exotic varies being generated from domestic and foreign markets. Flowers are a favoured possession, and are used widely across the world for functions, events and even to mark personal commemorative events. The Indian cut flowers are especially popular in the international market. However, growing flowers, and especially of an exotic variety, may require substantial investments especially for procuring the appropriate kind of soil that the flower can thrive in. For crops such as this, availing a krishi loan is a beneficial idea. You can apply for business loans online, on Finserv MARKETS, and get access to capital upto Rs. 30 lakhs. Your business loan application can be filled out online, and be approved in as little as 3 minutes.

  1. Increasing Exports:

Agricultural products are being exported from India, at a never before seen rate. Not only are these exports helping diversify the agricultural sector, but they are also helping expand the number of employment opportunities locally. Indian farmers are favourably suited to export products, owing to the low labour cost associated with the sector, favourable climatic conditions which allow for planting of a wide range of crops and the low unit cost of the inputs required for production.

  1. Increasing Food Processing:

Food processing is an allied sector of the farm sector, and it is growing at a rapid pace. Owing to the perishable nature of most agricultural products, farmers are increasingly utilizing the services of companies offering food processing services while many planters are themselves investing by setting up warehouses. Along with increasing agricultural productivity, food processing is also making India’s agricultural output more suitable for exports and thereby helping diversify profits from the sector.

  1. Increased Mechanization:

The past decade has seen increased use of machines for farm-related activities. The Indian farmer’s dependence on machines for achieving productivity has seen their use grow considerably across the country. This has definitely increased productivity and reduced dependence by farmers on human labour.

  1. Increasing Pro-Farmer Initiatives by the Government:

The Indian government has always been supportive of the farm sector, but over the last decade, government support has increased like never before. There are a higher number of subsidies offered by the government to farmers now, and the government has also increased its purchase of agricultural products substantially.

The Indian farm sector’s growth in the last decade has been substantial, and this growth is expected to continue for the near future as well. Not only food grains, but also food crops and commercial crops are seeing increased plantation in line with high demand. While venturing into the farm sector for the first time can be an expensive proposition, a krishi loan can help you out with that. A Bajaj Finserv business loan can be availed on Finserv MARKETS, where you can easily avail loans up to Rs. 30 lakh with a simple online procedure and minimal hassles in filling out documents. Your business loan application is approved in under 3 minutes and the amount is disbursed to your account within 24 hours, allowing you to get started on your plans at the earliest.

Read more about how to apply for a loan for your farm business needs.

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