Social Economic Challenges Faced in the Agricultural Industry and How to Eradicate Them

The agricultural industry is the backbone of economy in most of the developing nations. It makes up for the livelihood of maximum amount of the rural population globally. Apart from food and raw materials, agriculture provides employment to a very large percentage of population. Since last few decades, the contribution of agriculture to the overall world GDP has been declining. There are multiple reasons leading to it, but the importance of agriculture cannot be neglected. The paper targets the two major socio-economic issues in the agro industry, which are: (i) Substandard economic conditions of the farmers. (ii) Inadequate market reach and low incentives from national and international markets. The paper proposes an Android-based application with three significant modules – The Farmer’s module: to help the farmer’s sell the harvest at the “right” price and better market reach, The Buyer’s module: provide fresh goods to the urban market at affordable rates and The Crowd funding module: to connect the farmers to the investors for monetary investments. The paper further discusses various schemes and systems governmental, private and non-profit and carries out a comparative analysis on the gap between the proposed and the other systems.