Precision agriculture (PA) integrates advanced technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT) to enhance the efficiency, productivity, and sustainability of agricultural practices. In India, the adoption of these technologies is emerging as a transformative force aimed at overcoming longstanding challenges such as resource depletion, yield variability, and environmental degradation. This review paper discusses the evolution and current state of PA in India, emphasizing the role of AI and IoT in revolutionizing farming practices. AI enhances decision-making through predictive analytics and machine learning models, enabling precise crop and soil monitoring, disease detection, and yield prediction. IoT complements these capabilities by providing essential infrastructure for data collection and real-time monitoring, facilitating smarter resource management and operational efficiency. The paper identifies key technical, economic, and social challenges hindering the widespread adoption of PA technologies in India, including high initial costs, scalability issues, data privacy concerns, and the impact on traditional farming employment. Solutions such as government subsidies, tailored technology adaptation, and comprehensive farmer training programs are discussed as means to address these challenges. The paper concludes by highlighting the importance of multi-stakeholder collaboration in fostering an environment conducive to the growth of precision agriculture in India. Through a combination of policy support, technological innovation, and strategic partnerships, India can fully leverage PA to meet its agricultural goals of sustainability and high productivity.