Bihar Agricultural University Launches Startup Incubator to Boost Agro-Based Innovation

Bihar Agricultural University (BAU) is pioneering a market-driven agricultural revolution, aimed at enhancing the socio-economic standing of over 10 crore farmers in Bihar and its neighboring states. This visionary collaboration has set its sights on catapulting farmers' income, boosting job creation, and igniting economic prosperity in the region.

In this strategic partnership, the South Asian Business Accelerator for Agri-Startups (SABAGRIs) takes center stage, with a dual-pronged approach involving pre-seed stage and seed stage incubation programs. These initiatives are meticulously designed to nurture innovative agricultural concepts from their inception and validation to full-scale commercialization.

Among the 77 agri-startups nurtured by SABAGRIs, a notable 37 have secured financial backing from the Rural Agri-Business Incubator (R-ABI) program under the Ministry of Agriculture and Farmers Welfare (MoA&FW), Government of India. These fortunate startups are set to receive a significant funding allocation of Rs. 4.25 crore, disbursed in stages. The distribution is contingent on the startups achieving their predetermined project milestones, following the formalization of legal agreements involving SABAGRIs, BAU, and Sabour.

Also Read:- VST ZETOR Collaboration Delivers Cutting-Edge Tractors to Transform Indian Farming

A substantial funding grant of 4.25 crores INR has been sanctioned, and earmarked for distribution among the 37 startups. The disbursement will occur in alignment with each startup's approved project milestones, with formal legal agreements binding SABAGRIs, BAU, and Sabour in this endeavor.

During the "Bihar Innovation Challenge and Expo-2023," which took place on October 4, 2023, a formal Memorandum of Understanding (MOU) was inked. This significant accord joined the efforts of the Bihar Startup Fund Trust (BSFT), the Department of Industries under the Government of Bihar, and Bihar Agricultural University, Sabour.

Also Read:- Govt of India Sets Up National Turmeric Board, Aims for $1Billion Exports by 2030

In a momentous ceremony, Anil Kumar Singh, the Director of Research at BAU, Sabour, and Shri Pankaj Dixit, the Director of the Department of Industries, Government of Bihar, formally sealed this significant partnership. They did so in the distinguished presence of Shri Rajesh Kumar Singh, IAS, the Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), Development Commissioner Shri Vivek Kumar Singh, IAS, and Additional Chief Secretary Shri Sandeep Poundrik, IAS. The MOU's paramount significance lies in its potential to elevate per capita income, foster job opportunities, and enhance the well-being of farmers across the state of Bihar.

This MOU is significant as it will help to improve per capita income and employment. By supporting the development and commercialization of innovative agro-based products and services, SABAGRIs have the potential to make a significant impact on the lives of millions of farmers and rural communities.

Also Read:- Manipur to Launch Solar Power Project for Agriculture, 30% Subsidy for Installation