Union Agriculture Minister Shivraj Singh Chouhan launched the Rs 750-crore ‘AgriSure’ fund to support agritech startups and rural businesses. He emphasized the need for both public and private investments in agriculture to increase productivity and add value.
The launch comes after the Union Cabinet approved seven schemes for the agriculture sector, with a total budget of nearly Rs 14,000 crore.
About the AgriSure Fund
The Rs 750-crore AgriSure fund will help startups and agripreneurs by providing both equity and debt funding. Chouhan encouraged startups to use this fund, assuring that there will be enough financial support for agritech projects.
Need for Investment in Agriculture
Chouhan stressed the importance of investing in agriculture from both the government and private sectors. He said this is essential for increasing production and value addition in the sector. The Rs 1 lakh crore Agriculture Infrastructure Fund was created to build farm-related infrastructure in rural areas.
He noted that agriculture is a major part of the Indian economy, contributing about 18% to GDP. Farmers also play a large indirect role in the economy as both producers and consumers.
Government Efforts to Support Farmers
The government is working to increase farmers’ income and ensure food and nutritional security. Key initiatives focus on:
- Increasing production
- Reducing input costs
- Ensuring better prices for farm produce
- Encouraging crop diversification
- Introducing modern technology in farming
The government is also providing large subsidies on fertilizers.
Innovation and Sustainable Farming
Chouhan called for new approaches in farming, encouraging small farmers to form groups to farm on a larger scale. He also stressed the need to reduce the use of chemical pesticides and fertilizers to protect soil health.
Krishi Nivesh Portal: A Central Hub for Investments
The Krishi Nivesh Portal was launched to centralize investment opportunities and provide information about government schemes. The portal aims to attract investments and support agribusiness development.
The portal serves farmers, entrepreneurs, and industries by offering easy access to information on Central and state schemes.
Recognition for Excellence in Agriculture
Chouhan also presented the AIF Excellence Awards, recognizing top-performing banks and states:
- Public Sector Banks: State Bank of India, Canara Bank, Bank of Baroda, Indian Bank, and Punjab National Bank.
- Private Sector Bank: HDFC Bank was recognized as the best-performing private bank.
- Regional Rural Banks: Baroda Rajasthan Kshetriya Grameen Bank, Punjab Grameen Bank, Baroda UP Grameen Bank, Maharashtra Grameen Bank, and Sarva Haryana Grameen Bank.
- Best-Performing States: Madhya Pradesh, Punjab, Uttar Pradesh, Maharashtra, Karnataka, Gujarat, and Telangana for their work under the Agriculture Infrastructure Fund.
The launch of the Rs 750-crore ‘AgriSure’ fund is a significant step towards supporting agritech startups and rural businesses, helping boost agricultural productivity and value addition. Union Agriculture Minister Shivraj Singh Chouhan emphasized the importance of both public and private investments in agriculture. He highlighted the need for innovation in farming and reducing the use of chemical fertilizers for sustainable practices. The government’s efforts align with their focus on increasing farmers’ income and ensuring food security. This initiative also ties into the broader framework of economic reforms, which could benefit sectors like agriculture and indirectly impact sectors requiring financial acumen, such as the RBI Grade B Exam, where candidates must stay updated on such critical economic developments.
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