Financial Technology (Fin-Tech): Revolutionizing the Indian Agrarian Sector
Akhilesh Sharma1, Namrata Prakash2, Vishal Sagar3, Abhishek Singh Chauhan4
1Akhilesh Sharma, Assistant Professor, SOM, Graphic Era Hill University, Dehradun (Uttarakhand), India.
2Dr. Namrata Prakash, Associate Professor, SOM, Graphic Era Hill University, Dehradun (Uttarakhand), India.
3Dr. Vishal Sagar, Professor, SOM, Graphic Era Hill University, Dehradun (Uttarakhand), India.
4Mr. Abhishek Singh Chauhan, Assistant Professor, Graphic Era Deemed to be University, Dehradun (Uttarakhand), India.
Manuscript received on 15 June 2020 | Revised Manuscript received on 26 June 2020 | Manuscript Published on 04 July 2020 | PP: 1-8 | Volume-8 Issue-12S3 October 2019 | Retrieval Number: L100110812S319/2020©BEIESP | DOI: 10.35940/ijitee.L1001.10812S319
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open-access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Agriculture is the largest employer of India which constitutes 50% of its workforce and also a contributor to 17-18% in its GDP. Still, it is one of the most disorganized and disjointed sector. Somewhere this sector has not been given due attention and itcan be proven with the fact that the GDP contribution of this sector has fallen from 43% to 18% (1970- 2018).Though the Indian Government is digitally driving to provide financial inclusion to more than 145 million households that are not having access to banking services but still the farmers aremajorlyusing traditional credit for their basic and main two factors; Production & Consumption (Distribution). The financial segment has an important role to make agriculture aprime contributorto the economic growth of the country and also in reducing poverty. A fast-evolving technological landscape is bringing up new potential to focus&provide credit, risk-sharing, and to explore technology to enhance agricultural productivity. Our paper firstly examines agricultural finance in the Indian context and then discusses how financial technology (Fin-Tech) can drive new products in credit and risk markets in India. We evaluate the role of mobile banking, financial literacy, digital financial services, digital financial technology, and block-chain technology. The paper is concluded with a discussion of policy takeaways for Fin-Tech in agriculture to promote agricultural growth, enhance financial inclusion, and improve regional economic integration through agriculture.
Keywords: Fin-Tech, Digital Technology, Block-chain Technology, Financial Literacy, Digital Finance, Agriculture, Indian Economy.
Scope of the Article: Financial and Scientific Applications of All Kinds