Government to Invest Rs 11.85 Cr on Agri-Startups This Year: Narendra Singh Tomar

Newsletter Week 32: (3 Aug- 9 Aug’20)

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In order to promote the agriculture firms, The union minister for agriculture, Narendra Singh Tomar said that Indian government will fund startups. The funds would be provided under the Innovation and Agri-entrepreneurship Development Programme launched under the improved Rashtriya Krishi Vikas Yojana (RKVY) and would be released into installments.

For phase one, the government will fund 112 startups, with a sum of around 11.85 crore in the current financial year.

The Indian government has identified five knowledge partners as centers of excellence, and 24 RKVY-RAFTAAR agribusiness incubators (R-ABIs) from across the country after a nationwide advertisement and a rigorous selection process.

He said in a statement, that the selected startups have been trained for two months at 29 agribusiness incubation centres spread across India.

Tomar stated that his vision is to attract the youth to agriculture and rejuvenate the sector. He brought attention upon the need to make agriculture competitive, adopt new technology and providing a hand-holding to agriculture based activities.

He also stated that the startups will generate employment opportunities for the youth. Also, the startups will contribute directly or indirectly for the welfare of farmers by providing them opportunities.

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