Digital technology has been rapidly changing the mechanism of the functioning of the entire economy including agriculture through its various applications and scope. The sector has been experiencing new developments in allied activities also including the non-farm sector. The first paradigm shift in technology-based development was the green revolution and now the new and innovative technology-based on software has been also changing its landscape. The High Yielding Varieties of seeds, irrigation, and mechanization during the green revolution in the country completely shifted the agriculture sector. But over time, new challenges are being emerged where the production & productivity along with the quality of food and organic way of cultivation are major areas of research and academic discourse. The recent advent of IT-based technological innovation has been providing new directions for the growth of the sector. The paper tries to capture these emerging issues and IoT-based technical developments and solutions for the growth of the sector. Keeping these facts in mind, this paper highlights the use of smart farming in agriculture, its benefits, and critical observations for minimizing the risks. Simultaneously, the use of IoT for smart farming and its working is also elaborated on in this paper. Various challenges in using IoT in smart farming services have also been discussed in this paper. The paper tries to associate elaborate on the relationship between technology and the economy for agriculture.

KEYWORDS: IoT, Smart Farming, Sensors, Gateways, Cloud, Economy.