Centre To Start Rs 500 Cr Accelerator Programme To Enhance Agri Startups Initiatives

Centre To Start Rs 500 Cr Accelerator Programme To Enhance Agri Startups Initiatives: Union Minister of Agriculture and Farmers Welfare, Narendra Singh Tomar, made a number of significant announcements as part of major policy initiatives for agricultural startups. The agriculture minister announced that a high-level steering committee would be established under his leadership to provide overall direction for the agricultural startup ecosystem at the Agri Startup Conference, which was held on the second day of the PM Kisan Samman Sammelan at Pusa Mela Ground, Delhi. For the purpose of advancing and popularising the successful ideas of agri startups, a 500 crore rupee accelerator program will be launched.

Why are agri-startups important?

Over 15% of the country’s GDP comes from the agriculture sector. Approximately 70% of the rural population works in agriculture, making it one of the largest employers. However, the sector has been slower than average to accept technology, partly because there hasn’t been enough of a penetration and because people working in agriculture aren’t aware of recent developments. In addition, the sizeable unorganised credit structure and lack of appropriate market linkages worsen their situation by increasing their meagre revenue. This is where agricultural technology startups come into play.

How is the government assisting agri-startups?

• A Rs. 500 crore accelerator programme will be launched to advance and popularise the successful efforts of Agri Startups.
• A distinct division will be established inside the Ministry of Agriculture under the leadership of the Joint Secretary for Agriculture Startups. Moreover, a cell will be established to serve as a one-stop shop for Agri Startups, facilitating all necessary connections with certifying bodies, financial institutions, agricultural universities, etc.
• Under the leadership of the Secretary of Agriculture, an Executive Committee will be formed, made up of relevant organisations including DARE and DPIIT, agricultural incubators and knowledge partners, agricultural universities, research institutes, top investors, and other stakeholders.
• To satisfy consumer demand for the Agri Startups’ products, marketing ties would be established with companies like e-NAM and NAFED. Also, a website will be created to keep a database of all agriculture startups and track their progress.
• More than 2,000 agricultural startups have been registered, and hundreds of these startups have received training and financial aid through a Ministry of Agriculture program. The government now wants to increase this number to 10,000.
• The Indian government has launched a number of measures to increase funding for agri-startups. These consist of government initiatives like the Department of Science and Technology (DST) and the National Centre for Management and Agricultural Extension in Hyderabad (MANAGE). The DST has focused on fostering the growth of agri-tech firms by offering mentoring, connections to business contacts, and advice on investor pitches. The Ministry of Agriculture and Farmers’ Welfare supports startups through programs like the Agriculture Grand Challenge.