Context: Ministry of Agriculture is funding start-ups under the innovation and agri-entrepreneurship component of Rashtriya Krishi Vikas Yojana in 2020-21.

Details:

• A component, Innovation and Agri-entrepreneurship Development programme has been launched under Rashtriya Krishi Vikas Yojana in order to promote innovation and agri-entrepreneurship by providing financial support and nurturing the incubation ecosystem.
• These start-ups are in various categories such as agro-processing, artificial intelligence, digital agriculture, farm mechanisation, waste to wealth, dairy, fisheries etc.
• The following are the components of this scheme:

1. Agri-entrepreneurship Orientation - 2 months duration with a monthly stipend of Rs. 10,000/- per month.  Mentorship is provided on financial, technical, IP issues etc.
2. Seed Stage Funding of R-ABI Incubatees – Funding upto Rs. 25 lakhs (85% grant & 15% contribution from the incubatee).
3. Idea/Pre-Seed Stage Funding of Agri-entrepreneurs – Funding up to Rs. 5 lakhs (90% grant and 10% contribution from the incubatee).

• Apart from the above mentioned 6 start-ups, there are many more with innovative solutions to improve the farming eco system and augment farm household incomes.

About Rashtriya Krishi Vikas Yojana:

• RKVY scheme was initiated in 2007 as an umbrella scheme for ensuring holistic development of agriculture and allied sectors.
• The scheme incentivizes States to increase public investment in Agriculture & allied sectors.
• The Cabinet has approved (as on 1st November 2017) for the continuation of the ongoing Centrally Sponsored Scheme (State Plans) – Rashtriya Krishi Vikas Yojana (RKVY) as Rashtriya Krishi Vikas Yojana- Remunerative Approaches for Agriculture and Allied Sector Rejuvenation (RKVY-RAFTAAR).

Reference: https://www.thehindu.com/news/cities/Coimbatore/candidates-selected-for-agri-business-incubation/article32423472.ece

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