Farming as a Service in India promises to realize sustainable food production to solve global food scarcity problems. Elaborate (200 Words)
Refer - Business Line
Enrich the answer from other sources, if the question demands.
IAS Parliament 3 years
KEY POINTS
· Indian economy is leap-frogging the traditional development model from the farming to the services sector. While agriculture employs the masses, the services sector significantly contributes to the gross domestic product (GDP).
· Sustainable food production requires transitioning from resource-intensive, high-input farming methods to long-term, outcome-based services. Thanks to agritech, even small farmers can adopt Farming as a Service (FaaS) as the panacea in emerging economies.
· It attracts a new interest from stakeholders governments, non-government organizations (NGOs), the private sector, and the venture capitalists funding the start-ups.
· A toll-free number and a mobile app connects farmers to the platform to place their equipment and services orders. Shocks of equipment breakdown and consequent unexpected losses are avoidable as the farmers pay only for the equipment usage service.
· The ecosystem of farmers, equipment and service providers, technology and financing firms, and consumers can thrive from FaaS. Since the farmers only know their seasonally varying requirements better.
· FaaS attempts are still sporadic as the reach is limited to only a few states despite enormous potential and scope. Most startups face scalability issues.
· FaaS promises to supercharge sustainable food production to solve global food scarcity problems. Empowering farmers and not just looking at them as a market is the need of the hour.
Manish 3 years
Please Review !
IAS Parliament 3 years
Good atempt. Keep Writing.
