A report released by US management consultancy Bain & Company on Wednesday said that agriculture in India will see significant investment in the next few years. The Boston-based organisation added that agritech in the country is projected to grow to a $30 -$35 billion market by 2025 on the back of the farm reforms.

According to the report ‘Indian Agriculture: Ripe for disruption’, the $370-billion agriculture sector in India is expected to undergo a complete transformation. 

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“Over the next decade, India’s agricultural sector is poised to enter a transformative age on the back of technological, financial and regulatory changes. Traditional ways of agriculture will be disrupted through newer yet sustainable ways of farming leading to new food products and their uses. There is no turning back from the road ahead,” HT Mint quoted Parijat Jain, a partner at Bain.

The report further added that the three agriculture reforms passed in September 2020 by the Indian Parliament are intended to encourage investment in the sector. It says that the reforms allow free movement of food items from production to consumption centres and private investment in storage.

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“…We are at the cusp of a massive disruption in the food and agriculture ecosystem over the next few years—despite the fact that Indian agriculture is one of the least digitised industries today,” the report added.

“Technological developments and market transparency will significantly impact agriculture in India. Specifically, India received about $1 billion in agritech funding between 2017 and 2020 – we expect much more investment in this space, as Indian agriculture adopts digital technologies. Overall, we are still in the first chapter of digital and agriculture in India —adopting technology-friendly practices will not only transform the critical agricultural industry but also have a multiplier effect across the Indian economy,” Prashant Sarin, partner at Bain said as per HT Mint. 

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The Indian Parliament passed three agriculture acts—Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, Farmer’s (Empowerment and Protection) Agreement of Price Assurance, Farm Services Act, 2020, and the Essential Commodities (Amendment) Act, 2020— on 23 September. The bills got the President’s sign off on September 27.