Govt. to spend ₹ 11.85 crore for funding 112 agri start-ups this year

The Agriculture Minister Narendra Singh Tomar has announced that the government will fund 112 start-ups in the country in order to promote agricultural firms, with an amount of Rs 11.85 crores.

Highlights

The funds will be given to the start-ups selected by different knowledge partners and agribusiness incubators in the area of agro-processing, food technology and value addition. This is part of the Innovation and Agri-Entrepreneurship Development Programme launched under the revamped Rashtriya Krishi Vikas Yojana. The funds will be released in instalments and the selected startups will be trained for two months at 29 agribusiness incubation centres spread across the country.

Impact

The startups being covered under this project will lead to employment generation opportunities for the youth. Besides, they will contribute to enhancing the income of farmers by providing opportunities to them, both directly and indirectly. Another significance will be that youths will be attracted to this sector more and more.

Details of Knowledge-Partners

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

Month: Current Affairs - July, 2020