Govt launches Rs 750 cr fund AgriSure for support to agriculture startups

Union Agriculture Minister Shivraj Singh Chouhan on Tuesday launched a Rs 750-crore fund 'AgriSure' to provide financial support to agritech startups even as he underlined the need for increasing public as well as private investments in the farm sector.

The Union Cabinet on Monday approved seven schemes for the agriculture sector with an outlay of nearly Rs 14,000 crore.

The minister was speaking after launching an integrated Agri Investment Portal named KrishiNivesh and 'AgriSure' fund at an event held here.

The Rs 750-crore 'AgriSure' (Agri Fund for Startups & Rural Enterprises) will support startups and 'agripreneurs' by providing both equity and debt capital.

 

Chouhan asked startups to utilise this fund and assured that there would be no fund constraints for agritech startups, which he said are playing an important role in the agriculture sector.

"There is a need for investment in agriculture, not only from the government side but also private investments," he said, adding that the investment is required to boost production and value addition in the sector.

The minister said the government has launched a Rs 1 lakh crore Agriculture Infrastructure Fund to create various farm-related infrastructure in rural India.

He noted that agriculture is the backbone of the Indian economy and the sector contributes around 18 per cent to the GDP.

Chouhan said the indirect contribution to the economy would be even more as farmers are not only biggest producer but also biggest consumer.

He said the government is making huge efforts to boost farmers' income and also ensure food and nutritional security.

The Centre is focusing on increasing production, reducing input cost, ensuring better prices for farm produce, crop diversification and introduction of modern technology in the farm sector, the minister said, adding that the Centre is providing huge subsidies on fertilisers.

Chouhan said the agriculture sector needs new experiments. He emphasised small farmers forming groups to do farming on a larger scale.

The minister also spoke about excessive use of chemical pesticides and fertilisers and emphasised the need to protect soil health.

Chouhan also highlighted the significance of the Krishi Nivesh Portal, which is expected to transform the agricultural landscape by centralising investment opportunities and information.

He said that this portal is a comprehensive platform designed to enhance agribusinesses, attract investments and improve farmers' income.

Chouhan emphasised that the portal will cater to diverse stakeholders, including farmers, entrepreneurs, and industries, by providing easy access to information regarding various Central and state government schemes.

The minister presented AIF Excellence Awards to the top-performing banks and states under various categories in recognition and appreciation of their efforts.

Amongst public sector banks, State Bank of India, Canara Bank, Bank of Baroda, Indian Bank and Punjab National Bank received awards while HDFC Bank received award as the best performing private sector bank.

In the regional rural banks category, Baroda Rajasthan Kshetriya Grameen Bank, Punjab Grameen Bank, Baroda UP Grameen Bank, Maharashtra Grameen Bank and Sarva Haryana Grameen Bank were recipients of awards for best performance.

Amongst best-performing states, Madhya Pradesh, Punjab, Uttar Pradesh, Maharashtra, Karnataka, Gujarat and Telangana received awards for their performance under Agriculture Infrastructure Fund.