To help agritech startups with funding, the Indian government established the Rs 750 crore ($90 million) “AgriSure” fund.
Seven schemes worth approximately Rs 14,000 crore ($1.7 billion) have been approved by the Union Cabinet for the agriculture sector. Additionally, KrishiNivesh and AgriSure fund, an integrated agriinvestment portal, were introduced by the government. By making information about numerous federal and state government initiatives easily accessible, the portal will serve a wide range of stakeholders, including farmers, business owners, and industries.
The government says the fund will give debt and equity capital to help agribusiness owners and startups. A Rs 1 lakh crore Agriculture Infrastructure Fund has also been established by the government to develop various farm-related infrastructure in rural India.
Market research indicates that the Indian economy’s GDP is largely derived from agriculture—roughly 18%.
The government’s priorities will be to boost output, lower input costs, guarantee higher farm produce prices, diversify crops, introduce modern technology to the agricultural industry, and heavily subsidize fertilizer purchases.
The announcement coincides with a sharp reduction in funding for agritech startups. In the first eight months of 2024, just $150 million has been raised by agritech startups through over 30 deals, according to media.
