Indian government injects US$14.7 million into agri-startups for innovation in agriculture

The Indian government has allocated approximately US$14.7 million to over 1,700 agricultural startups under its Innovation and Agri-Entrepreneurship Development programme, as reported by IANS, a partner of TV BRICS. This funding aims to foster innovation and provide critical financial and technical support to emerging agricultural enterprises.

Indian Minister of State for Agriculture Bhagirath Choudhary reported that in the current fiscal year alone, approximately US$17.6 million was distributed to 532 startups. The programme offers up to US$6,000 for early-stage ideas and up to US$30,000 at the seed stage, enabling startups to scale and deliver innovative solutions.

A transformative boost to agricultural entrepreneurship occurred in July 2023 with the launch of the US$89.5 million "Agri-Sure" fund. Introduced by the Ministry of Agriculture, this initiative seeks to attract investment in tech-driven, high-impact ventures. The fund is expected to support around 85 startups with investments of up to US$3 million each.

Agri-Sure is designed to advance the agricultural value chain, establish rural ecosystem linkages, and support Farmers Producer Organisations while promoting IT-based solutions, including machinery rental services.

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