India has a diverse topography. With accumulating population and developing purchasing power of Indian people conjoined with diminishing area under cultivation of food crops and uncertain monsoon, the quality food is going to be a very worthy product in near future. A business Plan will provide you with a pleasant strategy and objectives.
India's GDP is predicted to grow at 7.1 percent in FY 2016-17, led by growth in private consumption, while agriculture GDP is assumed to grow above-trend at 4.1 per cent to Rs.1.11 trillion (US$ 1,640 billion).$ As per the 2nd Advance Estimates, India's food grain production is expected to be 271.98 MT in 2016-17. The business plan illustrates the seriousness of your objectives to banks, investors, colleagues and employees. The commercial contribution of agriculture to India’s GDP is regularly minimizing with country’s vast economic growth.All your ideas can be fused into the business plan to become a reality.
The farm plan should begin with recognition of following conditions, including:
- Natural features including watercourses, vegetation
- Built features like fences, buildings, dams, location of services, access roads
- Soil types and conditions including erosion
- Uses of variety of lands
Before starting a new agricultural business you need to consider
- What Laws and Regulations apply to your business?
- Which levels of government (state, country, city, federal) are authoritative for which directives?What licenses do you need?
- Are you a sole proprietorship?
- What are the business structure preferences for your agricultural farm?
- What are your tax liabilities regarding your farm?
- What are the safety regulations that are applied to your farm?
- What are your tax liabilities?
- Whether we have to charge GST?
Starting a New Agricultural Business
Every farm business is different. An important part of starting your farm business is defining what it will be and if you start up agricultural business plan what are the necessary strategies to be considered?
- What are your Profit Goals?
- How much do you plan to sell?
- How many hours do you plan to work?
- Will you have employees?
- How do you plan to measure customer satisfaction?
Five Trends in agritech innovation includes
2) Big Data for improving farm productivity
3) Market linkage models for farmers
4) Fintech platforms for farmers
5) Supply chain models for dairy and horticulture