Indian Govt To Invest INR 36 Cr in 346 Agritech Startups
The ministry of agriculture announced that it is planning to invest nearly INR 36.71 Cr in 346 agritech startups and startup working in allied sectors like agro-processing, artificial intelligence, digital agriculture, farm mechanisation, waste to wealth, dairy, fisheries among others.
The programme will offer two-months-long “agri-preneurship orientation” with a monthly stipend of INR 10K, along with mentorship on financial, technical, intellectual property (IP) related issues and more. It has also set up 24 RKVY-RAFTAAR Agribusiness Incubators (R-ABIs), which will offer a seed-stage funding up to INR 25 Lakh. Of this, 85% will be through grants while the remaining 15% contribution will be from the incubatee.
“The Union government accords very high priority to the agriculture sector. In order to contribute directly and indirectly to enhancing the income of farmers by providing opportunities to them and to provide employment to youth, start-ups are being encouraged,” the ministry said in a press statement.