Agriculture Ministry to Promote Start-Ups in the Agriculture Sector

In 2018-19, this Ministry created a component named "Innovation and Agri-Entrepreneurship Development" under the Rashtriya Krishi Vikas Yojana (RKVY-RAFTAAR) with the goal of promoting innovation and agri-entrepreneurship through financial assistance and the fostering of the incubation ecosystem.

The Ministry has also designated five Knowledge Partners (KPs) as Centers of Excellence, as well as twenty-four RKVY-RAFTAAR Agribusiness Incubators (R-ABIs) from around the nation, to carry out the initiative. So far, 646 start-ups in the agriculture and related sectors have received money from the "Innovation and Agri-Entrepreneurship Development" initiative, totalling Rs. 69.92 crore in instalments, with Rs. 33.94 crore paid to various KPs and RABIs for these start-ups. 

Agri-based enterprises have also been supported by the Indian Council of Agriculture Research (ICAR) through the National Agriculture Innovation Fund (NAIF), which was launched in 2016-2017. It consists of two parts: the Innovation Fund, the Incubation Fund, and the National Coordinating Unit (NCU). 

Component I: Established in 1999, Zonal Technology Management Units (10) and Institute Technology Management Units (ITMUs) (89). In the institutes, ICAR institutions provide a single-window system for managing inventions, showcasing intellectual assets, and pursuing concerns connected to intellectual property (IP) management and technology transfer/commercialization.

Component II: The second component of establishing Agri-business Incubator Centres is to accelerate the distribution of breakthrough technology to stakeholders. The Agri-business Incubator Centres are the focal point for agriculture research and development (R&D) institutions to offer the needed link for incubation/commercialization of proven innovations. Under the NAIF initiative, 50 Agri-Business Incubation Centres (ABCs) have been constructed and are functioning in the ICAR network. 

This step taken by the Indian Government is a step in the right direction, As  Agriculture is a very lucrative field where there is plenty of space for unique ideas and startups and the recent investments in Ninjacart by Walmart and Flipkart are a strong reminder of how rewarding the Agristartup industry is in India if done right. 

Source: PIB