Govt to Launch Rs 750 Cr AgriSURE Fund to Boost Agri Start-Ups
In a significant move to bolster the agricultural sector, the Government of India is set to launch the ‘Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE). This initiative, aimed at supporting start-ups and agripreneurs, was announced during the pre-launch stakeholder meeting at NABARD Headquarters in Mumbai.
The AgriSURE fund, valued at Rs 750 crore, will provide both equity and debt investments to start-ups working in agriculture and allied sectors. It is designed to support high-risk, high-impact activities in the agriculture value chain, fostering innovation and sustainability. The fund will be managed by NAB VENTURES, a wholly-owned subsidiary of NABARD, and will operate for ten years, with the possibility of extensions.
Joint Secretary of the Department of Agriculture and Farmers Welfare (DA&FW), Shri Ajeet Kumar Sahu, emphasized the fund’s potential to create a supportive ecosystem for financing agriculture through innovative approaches. He highlighted the importance of this initiative in benefiting small and marginal farmers. Shri Shaji K.V., Chairman of NABARD, stressed the need for collaboration between the public and private sectors to drive the next level of growth in agriculture through technological innovations.
The fund will be established with an initial corpus of Rs 750 crore, with equal contributions of Rs 250 crore each from the Ministry of Agriculture and NABARD. An additional Rs 250 crore will be raised through other financial institutions. This blended capital fund will focus on enhancing the farm produce value chain, creating rural infrastructure, generating employment, and supporting Farmers Producer Organizations (FPOs). It will also encourage IT-based solutions and machinery rental services for farmers.
As part of its commitment to fostering innovation, NABARD launched the AgriSURE Greenathon 2024, a hackathon targeting three critical issues in agriculture. The hackathon will address “Smart Agriculture on a Budget,” “Turning Agri-Waste into Profitable Business Opportunities,” and “Tech Solutions Making Regenerative Agriculture Remunerative.” These challenges aim to develop affordable advanced agricultural technologies, transform agricultural waste into profitable ventures, and overcome economic barriers to adopting regenerative agriculture practices.
NABARD called upon young innovative minds to participate in the hackathon and contribute to the journey towards ‘Viksit Bharat’ with their innovative solutions to alleviate the flailing issues of agriculture. This initiative underscores the government’s commitment to promoting sustainable agriculture and providing robust support to agripreneurs, ensuring a brighter and more innovative future for India’s agricultural sector.
