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Halder Venture Limited
October 4, 2024
Agriculture is the world’s largest industry, playing a crucial role in providing food and driving economic and societal growth. It currently contributes approximately 4% to global gross domestic product (GDP), and in many least-developed countries, this figure can exceed 25%. In India, agriculture occupies a central role in the economy, focussing on three primary objectives: promoting inclusive growth, enhancing rural income, and sustaining food security. It accounts for nearly 14% of India’s GDP and contributes about 13% of its exports. Remarkably, agriculture supports around 58% of the workforce, highlighting its importance as the principal source of income for millions of people across the nation.
Despite its significance, the agricultural sector faces substantial challenges in the 21st century. With population growth, climate change, and limited natural resources as challenges, the sector has to spread its innovation and sustainable practices to the world while protecting the environment. Experts and leaders from different industries came together to discuss "Vision Agriculture 2047" through a panel discussion at the Centenary Celebration of Halder Group to shed light on how agriculture can evolve over the next two decades. Their insights provide a roadmap for creating a resilient, sustainable, and inclusive future for food production.
Halder Group, a leading agricultural manufacturer who has overcome challenges as well as thrived in this sector for 100 years now, believes in sustainable practices and overcoming challenges with innovation.
Moderator Mr. Ambarish Dasgupta, Senior Partner, Intueri Consulting opened the panel discussion by emphasising the ambitious objective that India, along with agricultural pioneers like the Halder Group, has set for the future: "Food for All, Healthy Food for All, and Sustainability of the World Forever."
This goal focusses on feeding the world sustainably, ensuring that future generations inherit a future capable of supporting life. The vision of universal food security entails innovative agricultural practices that minimise environmental impact and maximise productivity.
Advancements in organic farming, precision agriculture, and the use of climate-resistant crops will play a pivotal role. These innovations aim to provide healthy food for all by reducing the use of chemical fertilisers and pesticides, ensuring that the food is both nutritious and environmentally sustainable.
The global population is expected to increase by 20% over the next two decades, and the pressure on agricultural systems will rise drastically. Simultaneously, climate change will make it harder to grow food due to unpredictable weather patterns, reduced water availability, and declining soil fertility.
Mr. Rajib Basu, a Management Consultant, highlighted these three critical factors that will shape the future of agriculture by 2047: population growth, climate change, and resource depletion, demanding innovative solutions.
He mentioned a blend of technological advancements, such as vertical farming, and sustainable practices like regenerative agriculture will be more popular in the coming years to ensure continued productivity without further depleting the planet’s resources.
One of the most pressing challenges for farmers, especially smallholders, is accessing financial services. Mr. Jayanta Chakraborty, Chairperson of the Agriculture and Rural Development Committee, Bengal Chamber of Commerce and Industries, pointed out the importance of digitising land records and improving financial systems.
Digitalisation can revolutionise agriculture by allowing farmers to access loans, insurance, and government subsidies more easily, even if they lack traditional land ownership records. By easing collateral requirements and providing structured financial support, governments and institutions can empower farmers to invest in sustainable technologies and practices that boost productivity while reducing environmental impact.
Digital finance platforms can create a more inclusive financial ecosystem, ensuring that small farmers are not left behind in the transition to modern agriculture.
"There are still places in the world where food scarcity exists. While we can boost pesticide and fertiliser-free production through innovation, we must prioritise those who lack access to food and find ways to eradicate hunger. Despite the advancements in agriculture, food scarcity remains a global issue,” says Mr. Keshab Kumar Halder, MD & CEO of Halder Venture Limited.
Innovation in farming practices can indeed address both the challenges of hunger and environmental degradation. The introduction of methane-reducing techniques, such as optimising water usage in rice paddies, can help lower emissions while improving food production. The shift toward organic manure and modified seeds can further enhance yields without harming the environment. To truly address hunger, agricultural advancements must prioritise regions that suffer from chronic food insecurity.