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Centre to spend 11.85 crore to fund 112 agricultural start-ups

Agricultural startups will lead to employment opportunities for the youth. Apart from this, they will be, directly and indirectly, contributing to enhancing the income of the farmers by providing opportunities to them.

Jul 31, 2020 16:18 IST
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Agriculture Minister, Narendra Singh Tomar on July 31 announced that the central government will fund 112 agricultural startups in the 1st phase with an amount of Rs. 11.85 crores in 2020-2021.

The funds will be given to the start-ups to promote agricultural firms. The startups for the funding will be selected by the different knowledge partners and agribusiness incubators in the area of food technology, agro-processing, and value-addition.

The funds to the agricultural startups will be provided under the Innovation and Agri-entrepreneurship Development Programme which was launched under the revamped Rashtriya Krishi Vikas Yojana (RKVY).

Significance:

The startups will lead to employment opportunities for the youth. Apart from this, they will be, directly and indirectly, contributing to enhancing the income of the farmers by providing opportunities to them.

Key Highlights:

Agriculture Minister while emphasizing the increase of private investment in agriculture mentioned that the vision is to attract the youth to agriculture and also to rejuvenate the sector.

He also mentioned about making agriculture more competitive, adopting new technology, and providing handholding to agriculture-based activities.

In the first phase, 112 startups in the area of food technology, agro-processing, and value addition will be funded for a sum of Rs. 11.8 crore.

The funds will be released in installments and the selected start-ups will be trained for two months at 29 agribusiness centres spread across the country.

The government has already identified 5 knowledge partners as centres of excellence and 24 RKVY-RAFTAAR agribusiness incubators across India after advertisement and rigorous selection procedure.

Background:

Prime Minister Narendra Modi had earlier while reviewing the progress of extension and education in India, the progress of agriculture research had emphasized on promoting the startups and agriculture entrepreneurs in order to ensure the use of technology and innovation in agriculture and allied sectors.

Prime Minister had also directed that hackathons may be organised twice a year in order to solve the identified problems and meet the design needs for equipment and tools that will reduce the drudgery in farming activity.

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