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Agribusiness Management and its Role in Evaluating Trends of Socio-Economic Development

Wednesday, May 01, 2019

The need for quality management education is prominent to tackle these challenges to support socio-economic development through the growth of the sector of agriculture, says Dr. Amol Gawande, Assistant Director, Placement at Global Business School and Research Centre, Dr. D. Y. Patil University.

The agriculture sector is a vital component of any economy in the world owing to the employment it provides to a large percentage of the populace. This sector is responsible for food security which is without a doubt significant to socio-economic development. It is one of the fastest growing and largest commercial ecosystems in the world.  

India has been through four important movements in the form of the Green, White, Blue, and Yellow Revolutions which have brought successive developments to the agricultural sector.

With the Indian economy transcending its benchmark of USD 2 trillion, agriculture is moving towards agribusiness. We have the second largest arable land in the world, and a range of diverse agro-climatic zones across the country presents tremendous advantages of production in agriculture for us, as per the website Rabo Equity Advisors. Agriculture and allied sectors like forestry and fisheries account for 17.32% of our GDP and about 65% of the workforce.

Our strong base in agriculture offers a large and varied raw material base for food processing. With these advantages being leveraged to the best, we could very well soon be the leading food supplier in the world.

The economic and societal value of agriculture is unparalleled, and this is reflected even in the business education domain. Most leading business schools now offer MBAs in Agribusiness Management to address the unique challenges of the agricultural sector in India by training professionals with an excellent understanding of the agro-network field (production, seed and crop, harvest and stock, market of commodities, food supply chain, food and wine business). This course is designed to equip participants to lead a successful global career in agriculture

Some key learnings from studying agribusiness management are as follows:

  • Understanding characteristics and trends that operate in the agri-food market and the role of stakeholders such as farmers, industrialists, and their representatives in organizations
  • Recognizing the intersection of agribusiness with other major areas of economic and social concern. This includes economic development and innovative ways of production and business diversification
  • Identifying and managing the characteristics of the main food businesses to develop effective management strategies
  • Developing a comprehensive business plan for agri-food corporations
  • Utilizing the latest marketing techniques to promote businesses and organizations
  • Managing the financial dimensions related to agricultural activities
  • Understanding and utilizing project management techniques for agricultural businesses
  • Mastering new technology relevant to farmers or industrialist organizations to tap into the most advanced production tools and channels
  • Studying international organizations which operate in the agribusiness sector and international policies that support links to this sector

The challenges that increasing pressure on land availability bring in the form of  the shortfall in the food supply and threat to food security, can be bridged through increasing farm yields, reducing wastage along the supply chain through better storage and post-harvest infrastructure and improved logistics.

The need for quality management education is prominent to tackle these challenges to support socio-economic development through the growth of the sector of agriculture.

With an educational background in agribusiness, young business managers are adept at forming agribusiness-oriented alternatives in support of agricultural incomes. Such initiatives help to break through the limitations of public sector reforms that are threatened by external shocks to the economy as well as infrastructure and institutional factors.

Developments in agriculture promote the building of roads, storage facilities, railways, airways, and ships along with others to meet the rising infrastructure demand for this sector to flourish. This, in turn, is advantageous to the commercial sector which provides the aforementioned industrial products.

Reducing the reliance on foreign aid for financial support is of immense value to a developing nation like ours. With strength in agribusiness, it is possible to slowly cut down on foreign capital and supply the required investment from the agricultural sector itself.

Another measure of inequality within our country can be done away with, using best practices in agribusiness; the disparity between rural and urban incomes.

When agriculture is allotted greater priority, this inequality can gradually be reduced and brought back to balance. This balance will have a tremendous impact on the stability of the economy as a whole.

Even the slightest social and political tensions and trends have an impact on agribusiness. With the increase in business professionals who specialise in agribusiness, these tensions can be minimised and planned for, ensuring the smooth functioning of this sector and the overall economy.

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