July 31, 2024: The Agri Startups in India have received, accelerated support from the Department of Agriculture & Farmers’ Welfare. It has successfully implemented the “Innovation and Agri-Entrepreneurship Development” program under the Rashtriya Krishi Vikas Yojana (RKVY) since 2018-19. This initiative is designed to foster innovation and support agri-entrepreneurship by offering financial and technical assistance to startups in the agricultural sector.
Through this program, entrepreneurs and startups receive financial support of up to Rs. 5 lakh at the idea or pre-seed stage and up to Rs. 25 lakh at the seed stage. This funding helps them introduce their products, services, and business platforms to the market and supports their growth.
The Agri Startups Promotion Highlights
The program involves 5 Knowledge Partners (KPs) and 24 RKVY Agribusiness Incubators (R-ABIs), which provide training and incubation to these startups. Additionally, the Government of India organizes national events such as agri-startup conclaves, fairs, exhibitions, webinars, and workshops to promote these startups and connect them with key stakeholders.
From 2019-20 to 2023-24, a total of Rs. 122.50 crore in financial assistance has been distributed in installments to 1708 agri startups. The annual breakdown of financial support provided is as follows:
2019-20: 58 startups received Rs. 3.13 crore
2020-21: 588 startups received Rs. 27.43 crore
2021-22: 277 startups received Rs. 20.34 crore
2022-23: 253 startups received Rs. 24.35 crore
2023-24: 532 startups received Rs. 47.25 crore
The total financial assistance provided amounts to Rs. 122.50 crore, displaying the government’s commitment to enhancing the agri-startup ecosystem. This update was shared by Union Minister of State for Agriculture & Farmers’ Welfare, Shri Ramnath Thakur, in a written reply in the Lok Sabha today.
