Indian Economy News

Number of Agri startups jumps multifold to 7,000 in last 9 years: Report

A recent report underscores a remarkable surge in startups within agriculture and allied sectors, eclipsing 7,000 over the past 9 years, driven by conducive business conditions and government backing. Before 2014-15, the sector hosted fewer than 50 startups, per the 'Transformation of India's Agriculture' report by the Federation of All India Farmer Associations (FAIFA).

The Department of Agriculture & Farmers' Welfare (DA&FW) has been pivotal in catalysing this growth through its 'Innovation and Agri-Entrepreneurship Development' program under the Rashtriya Krishi Vikas Yojana (RKVY) since 2018-19. This initiative aims to foster innovation and Agri-entrepreneurship by offering financial backing and nurturing an incubation ecosystem. Acknowledging the government's sustained efforts, the report highlights comprehensive measures to enhance farmers' income, expand irrigation coverage, promote organic farming, empower women farmers, bolster infrastructure, and digitize services. Budgetary agricultural allocations have witnessed a 300% increase during this period, rising from US$ 3.59 billion to US$ 15.57 billion (Rs. 30,000 crore to Rs. 1.3 lakh crore). FAIFA president Mr. Javare Gowda lauds the government's initiatives, particularly the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), and Pradhan Mantri Fasal Bima Yojana (PMFBY), for providing critical financial and income support to farmers. The comprehensive crop insurance policy is hailed as a vital safety net, safeguarding farmers' livelihoods against unforeseen natural calamities and financial ruin.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.