Over 7,000 Agri Startups Emerged in Last 9 Years, Fuelled by Government Support

The number of startups in agriculture and allied sectors has surged to more than 7,000 over the past nine years, thanks to a favorable business environment and robust government backing. Prior to 2014-15, there were fewer than 50 startups in these sectors. The report titled ‘Transformation of India’s Agriculture,’ released by the Federation of All India Farmer Associations (FAIFA), highlights the government’s comprehensive approach, which encompasses initiatives such as supporting farmers’ income, expanding irrigation coverage, promoting organic farming, and digitizing services.

Notably, budget allocation for agriculture has seen a remarkable 300% increase during this period, rising from Rs 30,000 crore to Rs 1.3 lakh crore. The Department of Agriculture & Farmers' Welfare (DA&FW) is implementing the 'Innovation and Agri-Entrepreneurship Development' programme under Rashtriya Krishi Vikas Yojana (RKVY) from 2018-19 to promote innovation and agri-entrepreneurship by providing financial support and nurturing an incubation ecosystem.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by agrikunba. Publisher: Business Standard

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