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Agriculture Minister Chouhan Launches Rs 750-Crore 'AgriSure' Fund to Boost Agritech Startups

Updated: Sep 04, 2024 05:26:50pm
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Agriculture Minister Chouhan Launches Rs 750-Crore 'AgriSure' Fund to Boost Agritech Startups

New Delhi, Sep 4 (KNN) In a significant move aimed at bolstering India's agriculture sector, Union Agriculture Minister Shivraj Singh Chouhan on Tuesday announced the launch of a Rs 750-crore fund, 'AgriSure', specifically designed to support agritech startups.

The announcement was made during the launch of the integrated Agri Investment Portal, KrishiNivesh, at a high-profile event held in the capital.

The 'AgriSure' fund, formally known as the Agri Fund for Startups & Rural Enterprises, will provide both equity and debt capital to emerging agripreneurs.

Highlighting the critical need for increased investments in the agricultural sector, Chouhan urged startups to fully utilise the fund, emphasizing that there will be no shortage of financial support for innovative agritech ventures.

"Agriculture is the backbone of the Indian economy, contributing around 18 per cent to the GDP," Chouhan remarked, underscoring the sector's pivotal role. He also noted the indirect economic contributions, citing farmers as not only the largest producers but also the biggest consumers in the country.

The announcement comes a day after the Union Cabinet approved seven schemes for the agriculture sector with a cumulative outlay of nearly Rs 14,000 crore.

These schemes are part of the government's broader strategy to enhance agricultural productivity, reduce input costs, and ensure better prices for farm produce.

Chouhan also highlighted the government's efforts to promote crop diversification and introduce modern technology in farming, all while providing substantial subsidies on fertilisers.

He further emphasised the need for new experiments in the sector, particularly encouraging small farmers to form groups for large-scale farming.

The KrishiNivesh portal, another key initiative launched at the event, is expected to centralise investment opportunities and information, transforming India's agricultural landscape.

The portal is designed to serve a diverse range of stakeholders, offering easy access to information on various Central and state government schemes.

During the event, Chouhan also presented AIF Excellence Awards to top-performing banks and states under various categories, recognizing their contributions to the Agriculture Infrastructure Fund. Among the notable awardees were State Bank of India, Canara Bank, HDFC Bank, and the states of Madhya Pradesh, Punjab, and Maharashtra.

This series of initiatives underscores the government’s commitment to strengthening the agriculture sector, driving innovation, and ensuring sustainable growth.

(KNN Bureau)

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