India is an agricultural economy, with over 50 percent of the population relying for their livelihood on agriculture. Agriculture and its partners accounted for approximately 16% of India’s gross domestic product as of 2019 (GDP). This sector’s output determines prices and demand from the market for basic commodities. The production and output of the agricultural sector were influenced positively by the usability and efficiency of agricultural machinery. In addition, it is expected that the Indian machinery industry will incorporate automation into farm equipment and increase the use of emerging technologies such as the Internet of Things (IoT) and Big Data to make farming a lucrative career for farmers. Previously, Indian agriculture relied on machinery exported mostly from other countries. The government has now launched the ‘Vocal for local’ tagline to help the home-grown Indian brands in India to manufacture such equipment and reduce needless imports and provide lakhs of people with jobs. The implementation of the model of a decentralized economy and tech-driven start-ups is projected to revolutionize India’s agricultural machinery industry. Here is how local development will play a crucial role in developing the economy of India:
- Creating a Job Opportunity
One of the key advantages of local agricultural machinery production is the availability of work opportunities for Indian people. As its prime beneficiary, it will approach the country’s young population. Investments in the agriculture sector would enable new entrepreneurs to come forward without caring about the origins of speculation, with their creative ideas.
- Improve the Vicinity
In order to produce in India, the industry needs a promising place to set up machinery as well as factories. In order to meet these criteria, it will not only enhance the areas selected, but also significantly benefit the surrounding locations. This kind of effort is incredibly crucial for a developed nation like ours. It would support and uplift the financial position of local workers.
- GDP Expansion
Due to the production of goods in India, economic growth is inevitable, which will not only improve the trade sector but also will raise the GDP of Indian economy. With the development of new factories and different investments being made in Indian manufacturing industries, the agriculture industry will thrive, the income flow will be humongous.
- Fortifying the Rupee
The advent of the processing industry would automatically transform India into a center for the manufacture of different agricultural goods, resulting in a huge set of FDIs, which in turn would reinforce the rupee against the US dollar’s supremacy.
- Capital Flow
The capital will not only linger in India with the launch of Make in India but rather the foreign currency will also be given to the nation. In short, India will not spend on foreign countries, but India will spend on foreign countries in the form of savings and salaries.
Conclusion
Innovation in the agricultural machinery sector will accelerate the country’s next step in agricultural development. Via various policy initiatives, the Government of India has been promoting mechanization and its development. In recent years, the innovations that have developed in the agricultural machinery industry have tremendous potential to fulfill the vision of the ‘Made in India’ initiative that encourages creativity and investment. Padgilwar Corporation is one such producer of agricultural equipment that provides farmers across India with Indian equipment and marks a minor shift in the agro-equipment sector that boosts India’s economy. Get in contact with us about the new farm automation and mechanization tools.
