To promote a healthy agricultural ecosystem in India, Union Minister for Agriculture Narendra Singh Tomar has announced that the Indian government will fund 112 agritech startups.
In the first phase, a sum of Rs 11.85 crore will be provided to these Agritech startups in the current financial year.
As per Narendra Singh Tomar, the startup selection process for funds allocation will be done by different knowledge partners and agribusiness incubators in the sectors of agro-processing, food technology, and value addition.
The funds will be released in installments and provided through the Innovation and Agri-entrepreneurship Development Programme launched under the revamped Rashtriya Krishi Vikas Yojana (RKVY).
From across the country, the Indian government has identified 5 knowledge partners as centres of excellence (CoE), and 24 RKVY-RAFTAAR agribusiness incubators (R-ABIs), after a nationwide advertisement and an uncompromising selection process.
Narendra Singh Tomar also added that not only this development programmme will provide employment opportunities to youth, but it will also provide opportunities to the farmers and enhance their income.
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