Agriculture Accelerator Fund To Encourage Startups: Finance Minister

Finance Minister Nirmala Sitharaman today announced in her Budget speech that an Agriculture Accelerator Fund will be set up to encourage agri startups, underscoring that inclusive development is the Narendra Modi government's priority No. 1.

A digital public infrastructure for agriculture will be built as open source, open standard and interoperable public good that will help develop farmer-centric solution for crop planning, the Minister said.

Agriculture credit target has been increased to Rs 20 lakh crore for 2024, with focus on animal husbandry, dairy and fisheries, the Minister said.

The government has also launched the National Monetisation Pipeline with an investment potential of Rs 9 lakh crore.

The Economic Survey, presented yesterday, said that agriculture has performed well but the sector needs "re-orientation" to overcome challenges like adverse impacts of climate change, rising input cost, etc.

According to the Survey, the agriculture sector has grown at an average annual growth rate of 4.6 per cent during the last six years. It grew by 3 per cent in 2021-22 compared to 3.3 per cent in 2020-21.

In recent years, India has also rapidly emerged as the net exporter of agricultural products. During 2021-22, agricultural exports reached an all-time high of USD 50.2 billion.

The government will also support Hyderabad-based millet institute as a centre of excellence, said Ms Sitharaman.

At the behest of the government, United Nations declared 2023 as the International Year of Millets, with an aim to create awareness and increase production and consumption of the grain.