The seminar report by Mohit Kumar on 'Agile Methodology' explores the dynamic nature of modern business environments and the inadequacy of traditional software development approaches in meeting rapidly changing software requirements. It emphasizes agile methods as iterative and collaborative practices that enable rapid delivery and adaptation to changes, providing a contrast to traditional, plan-driven methodologies. The report also outlines the benefits of agile development, including improved software quality and customer satisfaction through active involvement and integration of feedback.