Agriculture Accelerator Fund

February 1, 2023

There are more than two thousand agriculture startups in the country. The Government of India is trying to increase this number to ten thousand. Agriculture is the Backbone of the Indian Economy contributing 53.89% GVA of India. In Union Budget 2023-24, Finance Minister allocated Rs 1.25 lakh crores for agriculture. Agriculture was one of the seven major priorities of the budget. During the Budget presentation in the parliament, the Finance Minister announced that GoI will set up Agriculture Accelerator Fund.

What is Agriculture Accelerator Fund?

This fund is to be setup to increase the number of agricultural startups in the rural areas
The main aim of the fund is to provide innovative and affordable solutions
It will focus only on farmers and the challenges faced by them
More young entrepreneurs will be encouraged to begin agri startups using these funds
Startups focusing on cost-effective solutions will be given priorities
Also, technology startups that aim to increase agricultural outputs will be given preference

Other Agri based announcements during Budget

GoI is to launch Digital Public Infrastructure to provide farmer-centric solutions
The infrastructure will also be launched targeting crop health, crop planning, and supporting agriculture growth in the country

As the minister announced the Agriculture Accelerator Funds in the budget, the stock prices of fertilizers and agricultural stocks increased.

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