In a landmark move for the agricultural sector, Union Minister for Agriculture and Farmers’ Welfare and Rural Development, Shri Shivraj Singh Chouhan, launched the AgriSURE Scheme in New Delhi. The AgriSURE – Agri Fund for Start-ups & Rural Enterprises is an innovative fund designed to revolutionize the agricultural landscape in India. The focus of this scheme is on promoting technology-driven, high-risk, and high-impact ventures, with the aim to foster growth and innovation in the agricultural and rural start-up ecosystem.
Capital and Contributions
AgriSURE is a blended capital fund with a total of ₹750 crore. The fund includes contributions from:
- Government of India: ₹250 crore
- National Bank for Agriculture and Rural Development (NABARD): ₹250 crore
- Banks, insurance companies, and private investors: ₹250 crore
The fund is registered as a Category II Alternative Investment Fund (AIF) under the Securities and Exchange Board of India (SEBI).
Launch Event Highlights
The event was attended by several prominent figures, including Union Ministers of State for Agriculture and Farmers’ Welfare, Shri Bhagirath Choudhary and Shri Ram Nath Thakur, as well as Secretary of the Ministry of Agriculture, Dr. Devesh Chaturvedi. Senior officials from the Ministry of Agriculture, the Ministry of Finance, and representatives from leading banks and the agricultural community were also present.
Keynote Address by Shri Shivraj Singh Chouhan
In his keynote address, Shri Shivraj Singh Chouhan emphasized the transformative potential of the AgriSURE Fund. He stated, “The AgriSURE Fund is a continuation of the government’s efforts to ensure that every farmer in India has the technological support needed to thrive.” He further highlighted that a prosperous farming community would lead to a prosperous economy, as farmers would invest their earnings back into consumption.
He elaborated on the government’s commitment to empowering farmers by increasing production, reducing the cost of production, ensuring remunerative prices, promoting crop diversification, preventing post-harvest losses, and safeguarding against crop losses through crop insurance.
AgriSURE Greenathon Awards
The event also marked the conclusion of the AgriSURE Greenathon, a competition launched on 12 July 2024, to identify the most innovative start-ups in the agricultural sector. Over 500 prototypes were screened from 2,000 start-ups, with 10 finalists presenting their ideas. The top three winners were:
- Winner: Greensapio
- Runner-Up: Krushikanti
- Second Runner-Up: Ambronics
The winners received a prize pool of ₹6 lakhs, and the event provided a platform for start-ups to showcase their ideas to key stakeholders for future collaboration.
Remarks by Dr. Devesh Chaturvedi
Dr. Devesh Chaturvedi, Secretary of the Ministry of Agriculture, stressed the critical need for agricultural start-ups to develop solutions that address farmers’ challenges. He praised the AgriSURE Fund for fostering innovation in the sector and urged stakeholders to support these initiatives.
Conclusion
The AgriSURE Fund is set to drive investments in agriculture, empowering farmers and boosting the rural economy. By promoting accessible and affordable innovative solutions, the government aims to accelerate the growth of the agricultural start-up ecosystem.
Multiple-Choice Questions (MCQs):
- What is the primary objective of the AgriSURE Scheme?
a) To reduce the cost of fertilizers
b) To promote high-risk, technology-driven ventures in agriculture
c) To provide loans to small-scale farmers
d) To increase crop insurance coverage
Answer: b) To promote high-risk, technology-driven ventures in agriculture - What is the total capital of the AgriSURE fund?
a) ₹500 crore
b) ₹1,000 crore
c) ₹750 crore
d) ₹250 crore
Answer: c) ₹750 crore - Which institution contributed ₹250 crore to the AgriSURE Fund?
a) World Bank
b) Government of India
c) NABARD
d) Both b and c
Answer: d) Both b and c - Who won the AgriSURE Greenathon competition?
a) Ambronics
b) Greensapio
c) Krushikanti
d) NABARD
Answer: b) Greensapio - What was the prize pool for the AgriSURE Greenathon Awards?
a) ₹10 lakhs
b) ₹5 lakhs
c) ₹6 lakhs
d) ₹2 lakhs
Answer: c) ₹6 lakhs