These funds will be given to the startups selected by different knowledge partners and agribusiness incubators in the area of agro-processing, food technology, and value addition.
In order to promote Agri firms, Agriculture Minister Narendra Singh Tomar on Friday said in the first phase government will fund 112 startups with a sum of Rs 11.85 crore in the current financial year.
These funds will be given to the startups selected by different knowledge partners and agribusiness incubators in the area of agro-processing, food technology, and value addition Mr. Tomar said.
The funds will be provided under the Innovation and Agri-entrepreneurship Development Programme launched under the revamped Rashtriya Krishi Vikas Yojana (RKVY). Mr. Tomar said that the funds will be released in installments and the selected startups were trained for two months at 29 agribusiness incubation centers throughout India.
Apart from contributing to the enhancement of income by providing opportunities to the farmers, these startups will lead to employment opportunities for the youth.
After a nationwide advertisement and a rigorous selection process government identified 5 knowledge partners as centers of excellence and 24 RKVY-RAFTAAR agribusiness incubators (R-ABIs) across the country.
Stressing on increasing private investment in agriculture, he said that his vision is to attract the youth to agriculture and rejuvenate the sector. He also stressed the need to make agriculture competitive as well as to provide handholding agriculture-based activities and early adoption of new technology.
Earlier in the month while reviewing the progress of agricultural research, extension, and education in India Tomar recalled that Prime Minister Narendra Modi had highlighted on promoting startups and agri-entrepreneurs to ensure innovation and use of technology in agriculture and allied sectors.
He added, Modi also directed that hackathons may be organized twice a year to solve identified problems and meet design needs for tools and equipment which reduces drudgery in farming activity.