Precision farming or precision agriculture is becoming the most sustainable technologies driven management approach to manage spatial and temporal variability for all the aspects of agricultural production and has become a new technique for scientific management of modern agriculture. It enhances the crop production, makes the full use of existing natural resources, and leads to environmental stability. Hence, it is needed to promote sustainable agriculture. Previous studies have mostly focused on its concepts, applications, impacts on agriculture, and environment, but they haven't talked much about how it affects the general position of farmers and the nation as a whole. In this essay, I explore the idea of precision agriculture as a component for the general improvement of the nation's status and economy. This book chapter discusses the need for precision agriculture, sustainable agriculture, and the environment, methods for achieving it, methods for using it as a step towards improving rural people's quality of life, boosting the economy, maintaining the nation's food security, various adoption barriers, and necessary solutions to mitigate problems related to it. This research paper takes into consideration the various aspects of Precision Agriculture and gives a detailed understanding for its scope and worth for the future.