Budget 2023: FM Sitharaman announces accelerator fund to encourage agritech startups By CIOTechOutlook Team

Budget 2023: FM Sitharaman announces accelerator fund to encourage agritech startups

CIOTechOutlook Team | Wednesday, 01 February 2023, 11:25 IST

The announcement of an agriculture accelerator fund by Finance Minister Nirmala Sitharaman will support young entrepreneurs in rural areas who are starting agritech businesses.

The fund will concentrate on supplying creative answers to problems encountered by farmers.

Agritech businesses have raised over Rs 6,600 crore from private equity investors over the last four years, experiencing a growth of over 50% each year.

According to the Survey, there are over 1,000 such agritech businesses helping farmers advance their farming practises.

The Survey added that the there are more than 500 startups in the country “working in the millet value chains, while the Indian Institute of Millets Research has incubated 250 startups under Rashtriya Krishi Vikas Yojana – Remunerative Approaches for Agriculture and Allied Sectors Rejuvenation (RKVYRAFTAAR).”

“This (climate-smart farming) is slowly gaining acceptance with farmers using clean energy sources like solar for irrigation. The farmers have been incentivised to transfer electricity generated through solar to the local grid. Crop yield prediction models using artificial intelligence and drones for monitoring soil and crop health have been initiated,” the Survey said.

It added that there are more than 1,000 agritech start-ups in India that help farmers improve agricultural practises. It claimed that smart farming permits crop diversification, which will aid farmers in reducing their reliance on the monsoons for water.