Know All About the Agriculture Accelerator Fund for Indian Farmers-2023
In the 2023 Budget speech, there were some major announcements for the agriculture sector. One of them is the Agriculture Accelerator Fund, launched for providing benefits to agritech startups and boosting farming practices for increasing productivity and profitability. But what is Agriculture Accelerator Fund, and what's new in this?
In the 2023 Budget speech, there were some major announcements for the agriculture sector. One of them was the Agriculture Accelerator Fund, launched for providing benefits to agritech startups and boosting farming practices for increasing productivity and profitability. But what is Agriculture Accelerator Fund, and what's new in this?
In India, there are more than two thousand agricultural startups and the government is aiming to increase it to ten thousand. In Union Budget 2023-24, the govt. allocated Rs 1.25 lakh crores for agriculture as it is the backbone of the Indian economy contributing 53.89 per cent GVA of India. Agriculture is one of the major priorities of this 2023-24 budget. During the presentation, it was announced that the Government of India will set up Agriculture Accelerator Fund.
What is Agriculture Accelerator Fund?
- This fund is to be launched to increase the number of agricultural startups in rural areas.
- The main objective of the fund is to provide innovative and affordable solutions.
- This fund will only focus on farmers and the challenges faced by them.
- It will encourage young entrepreneurs to begin agri startups using these funds.
- The startups aiming for cost-effective solutions will be given priority.
- The technology startups that plan to increase agricultural outputs will be given preference.
- The fund will be targeting crop health, crop planning, and supporting agriculture growth in the country.
- After the announcement of the Agriculture Accelerator Funds, the stock prices of fertilizers and agricultural stocks increased.
- This fund will increase productivity, infrastructure, and access to technology and finances.
- It will help in providing the farmers with information about seed selection, pest management, and fertilizer application.
- It will give credit and financial access to Indian farmers for agricultural startups.
- It will empower and transform the traditional agricultural sector with more agri-startups.
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