Govt. to Launch ‘Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE) with Rs. 750 Crore CorpusGovt. to Launch ‘Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE) with Rs. 750 Crore Corpus The government is set to introduce the ‘Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE) to support innovation and sustainability in the agriculture sector. With a corpus of Rs. 750 crore, the fund will provide equity and debt support to start-ups and agripreneurs through investments in sector-specific and agnostic alternative investment funds (AIFs). Pre-Launch Stakeholder Meeting Highlights The pre-launch stakeholder meet held in Mumbai was attended by key players from financial institutions, investors, AIF managers, and agri-startups. The event featured addresses from notable individuals, including: * Shri Ajeet Kumar Sahu, Joint Secretary, DA&FW * Shri Shaji KV, Chairman, NABARD * Shri Govardhan Singh Rawat, DMD, NABARD * Dr. Ajay Kumar Sood, DMD, NABARD Fund Features * Initial corpus of ₹750 Crore, with contributions from NABARD, the Ministry of Agriculture, and other institutions. * Focus on innovation, value chain improvement, rural infrastructure, employment creation, and support for Farmers Producer Organisations (FPOs). * Encouragement of IT-enabled solutions and machinery rental services for farmers. * Operation period of 10 years, extendable by two or more years. AgriSURE Greenathon 2024 To promote innovation, NABARD has also launched the AgriSURE Greenathon 2024, a hackathon focused on addressing challenges in agriculture. The hackathon will tackle three key problem sets: * Smart Agriculture on a Budget * Turning Agri-Waste into Profitable Business Opportunities * Tech Solutions Making Regenerative Agriculture Remunerative Importance of AgriSURE AgriSURE aims to foster an ecosystem that enhances financing for the agriculture sector and provides opportunities for small and marginal farmers. It will leverage innovative approaches to drive the next level of growth in agriculture through technological advancements.
July 13, 2024, New Delhi: The government is all set to launch the ‘Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE) to support start-ups and agripreneurs through investments in sector-specific, sector-agnostic and debt alternative investment funds (AIFs), as well as direct equity support to start-ups working in agriculture and allied sectors. This initiative is aimed at fostering innovation and sustainability in the Indian agriculture sector by setting up a Rs 750 crore Category-II Alternative Investment Fund (AIF). The fund will provide both equity and debt support, specifically targeting high-risk, high-impact activities in the agriculture value chain.
The announcement was made during the Pre-Launch Stakeholder meet held at NABARD headquarters in Mumbai. The event was attended by key stakeholders including financial institutions, investors, AIF managers and agri-startups. The distinguished guests included Shri Ajeet Kumar Sahu, Joint Secretary, DA&FW; Shri Shaji KV, Chairman, NABARD; Shri Govardhan Singh Rawat, DMD, NABARD; and Dr. Ajay Kumar Sood, DMD, NABARD.
In his address, Shri Ajeet Kumar Sahu highlighted the potential of the fund to create an ecosystem that enhances financing for the agriculture sector through innovative approaches, benefiting small and marginal farmers. Shri Shaji KV stressed the need for collaboration between the public and private sectors to drive the next level of growth in agriculture through technological innovations.
Explaining the features of the fund, CEO NABVENTURES informed that the fund will be set up with an initial corpus of ₹750 Crore with 250 crores each from NABARD and the Ministry of Agriculture, and 250 crores from other institutions. The fund will focus on innovation in agriculture, improving the value chain of agricultural produce, creating rural infrastructure, generating employment and supporting Farmers Producer Organisations (FPOs). The fund will also encourage IT-enabled solutions and machinery rental services for farmers. NABVENTURES, a wholly owned subsidiary of NABARD, will be the fund manager of AgriSURE. The fund is designed to operate for 10 years, extendable by two or more years.
To underscore its commitment to fostering innovation, NABARD also launched the AgriSURE Greenathon 2024. The hackathon aims to address three key problem sets: “Smart Agriculture on a Budget,” which addresses the high cost of advanced agricultural technologies that hampers small and marginal farmers; “Turning Agri-Waste into Profitable Business Opportunities,” which focuses on transforming agricultural waste into profitable ventures; and “Tech Solutions Making Regenerative Agriculture Remunerative,” which aims to overcome economic barriers to adopting regenerative agriculture practices.
NABARD called upon young, innovative minds to contribute to our country’s journey towards ‘Viksit Bharat’ with their innovative solutions to address the looming problems in agriculture.
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