The Centre has invested Rs 118.65 crore in about 800 startups under the Innovation and Agri-entrepreneurship Development Programme component of the Rashtriya Krishi Vikas Yojana (RKVY), to fuel innovation in the fields of artificial intelligence (AI), internet of things (IoT), information and communication technology (ICT), and blockchain technology in the agriculture sector.
The move is part of the government’s larger effort to modernise agriculture and related industries in order to boost output, quality, efficiency, and profitability.
Prime Minister Narendra Modi recently urged entrepreneurs, corporations, the technology sector, and the financial sector to work with the government to implement Budget measures for farmers before the new agricultural year begins this year.
As grants-in-aid, a total of Rs 86.64 crore has been set aside for the promotion of new age firms.” So far, 799 companies have been chosen by several knowledge partners and agribusiness incubators of the Department of Agriculture, Cooperation and Family Development between 2019-20 and 2021-22.
The first instalment of Rs 37.9 crore in grants-in-aid has been granted for welfare “According to a source who did not want to be recognised,
The second tranche of Rs 5.09 crore in grants-in-aid has also been given for 113 of the 799 companies, according to the official.
The agency has chosen five Centers of Excellence and 24 RKVY-RAFTAAR agribusiness incubators from around the country. These incubators have the authority to help agribusiness entrepreneurs all around the country.
Agro-processing, food technology and value addition, precision farming and digital agriculture, blockchain technology, logistics, value and supply chain management, online platform, farm mechanisation, organic farming, natural resource management, renewable energy, waste management, animal husbandry, fisheries, dairy, and secondary agriculture have all received funding through the scheme.
