Union Budget 2023 Finance Minister announces agriculture accelerator fund for agritech startups

In a bid to promote agriculture among youth, the Finance Minister said: "An agriculture accelerator fund to be set up to encourage agri startups by young entrepreneurs. A digital public infra for agriculture will be built as an open-source, interoperable public good. "The fund will focus on bringing innovative solutions for challenges faced by farmers. According to the Economic Survey 2022-23 tabled in Parliament on Tuesday, agritech startups have raised around Rs 6,600 crore over the last four years from private equity investors, witnessing a growth of over 50% per annum.
 

The Survey added that the there are more than 500 startups in the country “working in the millet value chains, while the Indian Institute of Millets Research has incubated 250 startups under Rashtriya Krishi Vikas Yojana – Remunerative Approaches for Agriculture and Allied Sectors Rejuvenation. s: Finance Minister Nirmala Sitharaman, presenting Union Budget 2023-24 in Parliament, said it focuses on seven priorities, which she called the “Saptrishis guiding us through Amrit Kaal”. These are: inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector”.The Finance Minsiter called the Budget 2023 the “first Budget of Amrit Kaal and the blueprint for India @100”. She said the Indian economy is on the right track despite challenges. She has said the government will implement a scheme to supply foodgrains from January 1, 2023 to all Antyodaya and priority households for the next one year.