The Government of India is poised to launch the ‘Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE), a Rs 750 crore initiative aimed at providing substantial support to start-ups and agripreneurs. The announcement was made during a pre-launch stakeholder meet at NABARD Headquarters in Mumbai, attended by key figures from the agricultural and financial sectors.
The AgriSURE fund, classified as a Category-II Alternative Investment Fund (AIF), is designed to offer both equity and debt investments. The fund specifically targets high-risk, high-impact activities within the agricultural value chain, promoting innovation and sustainability. Managed by NABVENTURES, a fully-owned subsidiary of NABARD, the fund will operate over a decade, with potential extensions.
Shri Ajeet Kumar Sahu, Joint Secretary of the Department of Agriculture and Farmers Welfare (DA&FW), highlighted the fund’s role in enhancing financing for the agricultural sector through innovative approaches, significantly benefiting small and marginal farmers. Shri Shaji K.V., Chairman of NABARD, emphasized the need for collaboration between the public and private sectors to propel agricultural growth through technological advancements.
The Rs 750 crore corpus for the AgriSURE fund will include Rs 250 crore each from the Ministry of Agriculture and NABARD, with the remaining Rs 250 crore sourced from other financial institutions. This blended capital fund will focus on enhancing the farm produce value chain, developing rural infrastructure, generating employment, and supporting Farmers Producer Organizations (FPOs). Additionally, it aims to promote IT-based solutions and machinery rental services for farmers.
Coinciding with the fund’s launch, NABARD introduced the AgriSURE Greenathon 2024. This hackathon addresses three major agricultural challenges: making advanced agricultural technologies affordable for small and marginal farmers, transforming agricultural waste into profitable ventures, and overcoming economic barriers to adopting regenerative agriculture practices. The hackathon encourages participation from young innovators, aiming to drive forward the vision of ‘Viksit Bharat’ with creative solutions to pressing agricultural issues.
This initiative underscores the government’s dedication to fostering a robust ecosystem for agripreneurs, driving sustainable agricultural practices, and ensuring a vibrant future for India’s agricultural sector.
