- The National Bank for Agriculture and Rural Development (NABARD) plans to develop a ₹1,000-crore fund to support technology-driven agricultural start-ups and rural entrepreneurs.
- NABARD has formed a ₹750-crore fund and plans to add another ₹1,000 crore to encourage businesses.
What is an Agri-Startup?
- Agri-startups are entrepreneurial businesses that innovate and revolutionise many parts of agriculture and related sectors.
- These firms use technology, data, and contemporary farming practices to address difficulties in the agricultural value chain and promote sustainable farming methods.
- They provide a wide range of products and services targeted at increasing farmer productivity, efficiency, and profitability while also improving consumer food quality and safety.
Key areas of innovation in agricultural start-ups include:
- Precision agriculture involves the use of data-driven technology such as IoT, drones, and satellite imaging to optimise yields, soil health, and crop monitoring.
- Agritech Solutions: Creating new technology and tools for pest and disease control, water management, greenhouse farming, and hydroponics.
- Farm Management Software: We offer digital platforms and mobile apps for farm management, crop planning, inventory management, and market intelligence.
- Agri-Marketing Platforms: Online marketplaces, e-commerce platforms, and farm-to-fork programmes help farmers connect with buyers, merchants, and consumers directly.
- Supply Chain Management: Streamlining logistics, transportation, and warehousing operations to reduce post-harvest losses, increase market access, and assure supply chain traceability and transparency.
- Food Processing: Creating value-added goods, food processing technology, and packaging solutions to increase the shelf life, nutritional content, and marketability of agricultural produce.
About the Blended Fund for Agri-startups
- The FY23 budget includes plans for a blended capital fund for ‘Sunrise Sectors’ to finance startups in agriculture and rural sectors.
- The fund’s goal is to help businesses who are struggling to scale their operations owing to a lack of access to equity and loans.
- It also aims to create new linkages in the rural ecosystem, both forward and backward.
Source: https://www.livemint.com/news/india/nabard-to-launch-1000-crore-blended-fund-for-agri-startups-chairman-shaji-kv-11710766001515.html