From 50 to 7,000: India’s agricultural startups thrive under government initiatives

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Published May 19, 2024 at 8:16pm

    Over 7,000 startups in agriculture and allied sectors in India

    There were fewer than 50 startups in these sectors before 2014-15

    Key policies of the government instrumental for this huge growth

The number of startups in agriculture and allied sectors in India has surged to over 7,000 in the past nine years, driven by a favourable business environment and substantial government support, according to a report by the Federation of All India Farmer Associations (FAIFA).

The recently released report titled ‘Transformation of India’s Agriculture’ highlights a significant leap from fewer than 50 startups in these sectors before 2014-15.

Also read: Bengaluru leads in startup employment in India, grabs 31% share

The Department of Agriculture & Farmers’ Welfare (DA&FW) has been promoting innovation and agri-entrepreneurship since 2018-19 through the ‘Innovation and Agri-Entrepreneurship Development’ programme under the Rashtriya Krishi Vikas Yojana (RKVY). This initiative provides financial support and fosters an incubation ecosystem for startups. Five Knowledge Partners (KPs) and 24 RKVY-Agribusiness Incubators (R-ABIs) have been established to support these startups.

The report praises the government’s comprehensive efforts over the past decade, noting a 300 percent increase in the agriculture budget from Rs 30,000 crore to Rs 1.3 lakh crore. This increase supports a range of initiatives, including expanding irrigation, promoting organic farming, empowering women farmers, enhancing infrastructure, and digitizing services.

Key policies of the government such as the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), and Pradhan Mantri Fasal Bima Yojana (PMFBY) have been instrumental in providing financial support and crop insurance to farmers, protecting them from natural calamities and financial distress.

From 50 to 7,000: India’s agricultural startups thrive under government initiatives

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    Over 7,000 startups in agriculture and allied sectors in India

    There were fewer than 50 startups in these sectors before 2014-15

    Key policies of the government instrumental for this huge growth

The number of startups in agriculture and allied sectors in India has surged to over 7,000 in the past nine years, driven by a favourable business environment and substantial government support, according to a report by the Federation of All India Farmer Associations (FAIFA).

The recently released report titled ‘Transformation of India’s Agriculture’ highlights a significant leap from fewer than 50 startups in these sectors before 2014-15.

Also read: Bengaluru leads in startup employment in India, grabs 31% share

The Department of Agriculture & Farmers’ Welfare (DA&FW) has been promoting innovation and agri-entrepreneurship since 2018-19 through the ‘Innovation and Agri-Entrepreneurship Development’ programme under the Rashtriya Krishi Vikas Yojana (RKVY). This initiative provides financial support and fosters an incubation ecosystem for startups. Five Knowledge Partners (KPs) and 24 RKVY-Agribusiness Incubators (R-ABIs) have been established to support these startups.

The report praises the government’s comprehensive efforts over the past decade, noting a 300 percent increase in the agriculture budget from Rs 30,000 crore to Rs 1.3 lakh crore. This increase supports a range of initiatives, including expanding irrigation, promoting organic farming, empowering women farmers, enhancing infrastructure, and digitizing services.

Key policies of the government such as the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), and Pradhan Mantri Fasal Bima Yojana (PMFBY) have been instrumental in providing financial support and crop insurance to farmers, protecting them from natural calamities and financial distress.

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