31 July 2020, New Delhi: To promote development in agriculture, Agriculture Ministry has decided to fund startups with a fund of 11.85 Cr in the first phase for the year 2020-2021. This will contribute directly and indirectly to the enhancement of farmers’ income by providing opportunities to them and provide employment to the youth.
112 Startups selected by different knowledge partners and agribusiness incubators in the area of Agro-processing, Food Technology and Value addition will be funded in the first phase for a sum of Rs. 11.85 Cr. This fund will be released in instalments.
Under the scheme Rashtriya Krishi Vikas Yojna (RKVY), a component of “Innovation and Agri-entrepreneurship Development Programme” has been launched. This will help to promote innovation and agripreneurship & startups by providing financial support and nurturing the incubation ecosystem.
Union Minister for Agriculture and Farmers Welfare, Mr. Narendra Singh Tomar stated that new technology in the field of agriculture and allied sectors through start-ups and agripreneurship should be promoted. Additionally, he stressed on the need to make agriculture competitive, provide handholding to agriculture-based activities and adopt new technology at the earliest.
DAC&FW has selected 5 Knowledge Partners (KPs) as Centres of Excellence and 24 RKVY-RAFTAAR Agribusiness Incubators (R-ABIs) from across the country after a nation-wide advertisement and a rigorous selection process.
These start-ups were trained for two months at 29 agribusiness incubation centres (KPs & RABIs) spread across India. These start-ups will lead to employment to youth. Besides, they, directly and indirectly, will contribute to enhancing the income of farmers by providing opportunities to them.