Agriculture being the most important occupation in India, a mire than still 60 percent of the nation population still engaged in farming and agriculture business the government along with other functioning sector have corporated to introduce work avenue for the development of both rural and farming industries.
This highlights the need for developing innovative mechanisms in the rural economy that boost employment opportunities in the agri sector. The success of cooperatives in India like Gujurat’s dairy and Maharashtra’s sugar industrial unit are examples of innovative thinking.
Entrepreneurship can help radicalise farming techniques and bring innovation to improve yields per hectare. Smart farming is the need of the hour. Biotechnology can be utilised in agriculture for benefits by increasing the health of the soil and reduce the nitrogen intake. Sectors that can benefit hugely from entrepreneurial intervention are food processing and packaging, preservation of seasonal fruits and vegetables, seed processing, flower farming in addition to crop farming, etc.
Agro based industries can flourish in rural sectors where labour is abundant and the cost is low. Small and medium enterprises set up at rural level to supplement traditional farm income in a big way and create alternative sources of income. India is emerging as a major startup hub with the urban sector giddy with new entrepreneurial energy. Unfortunately, the agricultural sector has remained out-of-ideas. The government has already initiated to offer attractive incentives including easy loans, insurance schemes and tax benefits to farmers-cum-entrepreneurs. Developing entrepreneurs in agriculture can immensely benefit Indian economy by reducing the burden on agriculture, generating employment opportunities for rural youth, reducing the need for migration to urban areas, increasing individual and national income.
Agriculture-based industrial products account for half of all exports from developing countries. However, most of them involve exports of raw material as against developed countries whose exports mostly comprise processed goods. By continuing to operate at a low level of value chain, we are losing income and production. An entire food processing industry can be developed in rural areas, augmenting income and employment.
Entrepreneurs having knowledge of marketing can set up parallel industries in rural lands. Fish farming is practiced by a lot of farmers to augment their incomes. A conscious business effort to develop small pond fish farms in rural areas can enable pisciculture to become a valuable sector in the rural economy. Large-scale farmers have adopted modern technology on a major scale. Thus boosting entrepreneurial minds in agriculture can enhance productivity by incorporating modern technologies in the farming sector.