Agritech sector gains during covid-19 Pandemic

The agritech sector of India has seen sharp growth during the covid-19 crisis. Investments from venture capital firms in agritech startups are expected to exceed $500 million in the next two years as many have come together to help farmers connect with buyers, automate supply chains and build the next layer of data analytics to drive further supply chain efficiency.

Daily Current Affairs Quiz 2020

Key-Points

The sector has also created plenty of buzz, according to data from a new report, with the agritech index moving from 43 in March to 156 in May 2020.

Factors such as locusts attack, venture funding and investments, and the economic stimulus on agriculture contributed to this sudden uptick in popularity.

Top newsmakers associated with the term agritech include Prime Minister Narendra Modi and finance minister Nirmala Sitharaman, beside sector-experts like Mark Kahn of VC firm Omnivore.

The Wizikey report titled ‘Buzz Word Analysis 2020 – Before covid-19 to after covid-19′, underlines the top news making trends in the Indian agritech industry.

Indian agritech startups are supporting the agricultural ecosystem in maximizing productivity, increasing supply chain efficiency, and improving market linkages.

Due to the increase in demand for such solutions in the market, sentiment towards the agritech industry has been mostly neutral, and during March-May, it has seen a surge in positive sentiment.

The report identifies Ninjacart, India’s largest tech-driven supply chain platform, as having created the most buzz in India.

This is because of NinjaCart’s new initiative that helps farmers struggling to find buyers for their fresh produce, to directly sell to consumers.