The Central government has disbursed Rs 122.50 crore to more than 1,700 agri-start-ups over the last five years under the Innovation and agri-entrepreneurship development programme, according to the Minister of State for Agriculture and Farmers Welfare Bhagirath Chaudhary.
This financial assistance, distributed between 2019-20 and 2023-24, has been provided to 1,708 start-ups to foster innovation and technological advancements in agriculture, Chaudhary said in a written reply to the Lok Sabha on Tuesday.
The funds were released through five Knowledge Partners (KPs) and 24 Rashtriya Krishi Vikas Yojana (RKVY) agribusiness incubators, which are responsible for training and protecting start-ups.
In the fiscal year 2023-24 alone, approximately Rs 147.25 crore was allocated to 532 start-ups.
The initiative is further supported by subsidiary of National Bank for Agriculture and Rural Development (NABARD’s) – NAB Ventures, which launched a fund with an initial corpus of Rs 750 crore.
This includes Rs 250 crore each from NABARD, the Ministry of Agriculture, and other institutions.
The fund aims to support approximately 85 agri-start-ups with investment sizes of up to Rs 25 crore each.
The programme focuses on promoting innovative, technology-driven solutions in agriculture, enhancing the value chain of farm produce, creating rural linkages, and generating employment.
It also supports Farmer Producer Organizations (FPOs) and encourages entrepreneurship through IT-based solutions and machinery rental services for farmers.
This initiative is likely to boost sustainable growth and development in the agricultural sector, improving farmers’ productivity and the livelihoods.
