AGRICULTURE
ACCELERATOR FUND - AGRICULTURE
News:
Agriculture Accelerator
Fund may get additional backing to boost rural jobs
What's
in the news?
●
Finance Minister Nirmala Sitharaman is
expected to allocate additional funding to the Agriculture Accelerator Fund, in
the upcoming Union Budget 2024-25, aimed at stimulating entrepreneurial
activity in rural India.
Key
takeaways:
●
The fund with an allocation of Rs 2,200
crore until the financial year 2028-29 has been instrumental in bringing on
board new-age ventures and innovations in the field of agriculture.
Agriculture
Accelerator Fund:
●
It aims to encourage agri-startups by young entrepreneurs in rural areas,
which will aim at bringing innovative and affordable solutions for challenges
faced by farmers.
●
It will also bring in modern technologies to transform agricultural practices
and increase productivity and profitability.
●
The “Innovation
and Agri-Entrepreneurship Development” programme under Rashtriya Krishi
Vikas Yojana (RKVY) from 2018-19 aims to promote innovation and
agri-entrepreneurship by providing financial support and nurturing an
incubation ecosystem in the country.
Features:
●
The fund is to be set up to increase the
number of agricultural startups in the rural areas.
●
It also aims 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.