News Post

Govt launches Rs 750 Cr ‘AgriSure’ fund for agriculture startups

Entrackr · 15d

The Indian government has launched a Rs 750 crore ($90 million) fund ‘AgriSure’ to provide financial support to agritech startups. The Union Cabinet has approved seven schemes for the agriculture sector with an outlay of nearly Rs 14,000 crore ($1.7 billion). The government also launched an integrated agri Investment portal named KrishiNivesh and AgriSure fund. The portal will cater to diverse stakeholders, including farmers, entrepreneurs, and industries, by providing easy access to information regarding various Central and state government schemes. As per the government, the fund will support startups and agripreneurs by providing both equity and debt capital. The government has also launched a Rs 1 lakh crore Agriculture Infrastructure Fund to create various farm-related infrastructure in rural India. According to market research, agriculture contributes around 18 per cent to the GDP of the Indian economy. The government will focus on increasing production, reducing input cost, ensuring better prices for farm produce, crop diversification, introduction of modern technology in the farm sector, and providing huge subsidies on fertilizers. The news comes at a time when agritech startups are experiencing a significant decline in funding. According to TheKredible, agritech startups have raised just $150 million across over 30 deals in the first eight months of 2024.