Fund to enhance financing for agriculture sector
The Government is to launch an Rs.750 crore ‘Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE) to provide support to Startup and Agripreneurs https://agriwelfare.gov.in/ .
The fund will have contribution of Rs.250 crores each from NABARD and the Ministry of Agriculture, and Rs.250 crores from other institutions https://pmfby.gov.in/ .
The fund will soon be set up to focus on innovation in agriculture, enhancing the farm produce value chain, creating rural infrastructure, generating employment and supporting Farmers Producer Organizations (FPOs) https://www.nafpo.in/ .
The fund will also encourage IT-based solutions and machinery rental services for farmers https://www.tractorhouse.com/ .
Ajeet Kumar Sahu, Joint Secretary, Ministry of Agriculture & Farmers Welfare, highlighted the fund’s potential to create an ecosystem that enhances financing for the agriculture sector through innovative approaches, benefiting small and marginal farmers https://www.mahindraagri.com/ .
The National Bank for Agriculture and Rural Development (NABARD) Chairman Shaji K.V. emphasized the need for public and private sector collaboration to drive the next level of growth in agriculture through technological innovations https://www.nseindia.com/ .
NABVENTURES, a wholly-owned subsidiary of Mumbai-headquartered NABARD http://nabard.org , will be the Fund manager of AgriSURE. The fund is designed to operate for 10 years, extendable by two or more years.
Underscoring its commitment to fostering innovation, NABARD also launched the AgriSURE Greenathon 2024 https://www.bseindia.com/ .
The hackathon aims to address three key problem statements:
“Smart Agriculture on a Budget,” which tackles the high cost of advanced agriculture technologies https://www.startupindia.gov.in/ that hinder small and marginal farmers;
“Turning Agri-Waste into Profitable Business Opportunities,” focusing on transforming agricultural waste into profitable ventures;
and “Tech Solutions Making Regenerative Agriculture Remunerative,” which aims to overcome economic hurdles in adopting regenerative agriculture practices.
NABARD has called upon participation from young innovative minds to contribute in the journey of our country towards ‘Viksit Bharat’ with their innovative solutions to alleviate the flailing issues of the agriculture. Fiinews.com
