What is the role of digitalization in agriculture sector and role of digital transformation on the economy of India?
Digitalization in agriculture enhances productivity via data-driven insights, precision farming, and supply chain optimization. It improves resource allocation, reduces wastage, and promotes sustainable practices. Digital transformation in India's economy is transformative, boosting efficiency, innovation, and competitiveness. In agriculture, it empowers smallholders, connects markets, and increases yields. Overall, digitalization drives agricultural growth and contributes significantly to India's economic development.
Digital agriculture is the use of new and advanced technologies, integrated into one system, to enable farmers and other stakeholders within the agriculture value chain to improve food production. Digitization in agriculture sector can help in generating real-time actionable insights for improving crop yield, controlling pests, assisting in soil screening, and providing actionable data for farmers, and reducing their workload. Digital technologies can support trade in agriculture and food products, by connecting private sector suppliers to new markets, and enabling new ways for governments to monitor and ensure compliance with standards and to provide faster and more efficient border procedures that are essential for perishable. In contrast to conventional agricultural methods, using digital data can increase resource and cost efficiency as well as reduce environmental impact. Further, Smart farming (also known as Farming 4.0 and digital farming) is the application of information and data technologies for optimizing complex farming systems. It has enabled people to save time and money by avoiding long queues at banks and ATMs and has made it easier for them to manage their finances. Moreover, digital payments have facilitated more seamless transactions, reducing the costs associated with cash handling and making it easier to track financial flows. It empowers rural and urban citizens with little capital to start a business. The development of MSMEs, therefore, is closely linked to India's economic growth. India's digital transformation could turbocharge that process. Aadhar, e-KYC, and UPI have already significantly aided India's financial-inclusion progress. The digital economy mainly based on ICT helps to increase capital and labor productivity and to obtain goods and services at lower prices. Business-to-consumer e-commerce will continue to dominate digital services, growing five to six times to USD 350 billion-380 billion by 2030; the number of online shoppers is expected to double to 500 million-550 million. The need of the hour is to invest in digital transformation and achieve a 25% CAGR, which will help India become a $687 billion IT powerhouse by 2027 and bring us closer to the goal of becoming a $1 trillion digital economy within this decade.
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