The Government of India is set to introduce the ‘Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE), aimed at fostering innovation and sustainability within the agricultural sector.
This initiative will support start-ups and agripreneurs through investments in sector-specific, sector-agnostic, and debt Alternative Investment Funds (AIFs), along with direct equity support for ventures in agriculture and related sectors. The Rs 750 crore Category-II AIF will target high-risk, high-impact activities along the agriculture value chain, offering both equity and debt support.
The announcement was made during the Pre-Launch Stakeholder meet at the NABARD Headquarters in Mumbai, attended by key stakeholders such as financial institutions, investors, AIF managers, and agri-startups.
Distinguished guests included Shri Ajeet Kumar Sahu, Joint Secretary, DA&FW; Shri Shaji K.V., Chairman, NABARD; Shri Govardhan Singh Rawat, DMD, NABARD; and Dr. Ajay Kumar Sood, DMD, NABARD.
Ajeet Kumar Sahu, in his address, emphasized the fund’s potential to create an ecosystem that enhances financing for the agriculture sector through innovative approaches, benefiting small and marginal farmers. Shri Shaji K.V. highlighted the necessity for collaboration between the public and private sectors to drive growth in agriculture through technological innovations.
The CEO of NABVENTURES elaborated on the fund’s structure, which will have an initial corpus of ?750 Crore, with ?250 Crore each contributed by NABARD and the Ministry of Agriculture, and ?250 Crore from other institutions.
The fund aims to promote innovation in agriculture, enhance the farm produce value chain, create rural infrastructure, generate employment, and support Farmers Producer Organizations (FPOs). Additionally, it will encourage IT-based solutions and machinery rental services for farmers.
NABVENTURES, a wholly-owned subsidiary of NABARD, will manage the fund, which is designed to operate for 10 years, extendable by two or more years.
In line with its commitment to innovation, NABARD also launched the AgriSURE Greenathon 2024, a hackathon focused on addressing three critical issues: “Smart Agriculture on a Budget,” which aims to reduce the high cost of advanced agriculture technologies for small and marginal farmers; “Turning Agri-Waste into Profitable Business Opportunities,” which seeks to transform agricultural waste into profitable ventures; and “Tech Solutions Making Regenerative Agriculture Remunerative,” aimed at overcoming economic challenges in adopting regenerative agriculture practices.
NABARD called upon young innovators to contribute to the nation’s journey towards ‘Viksit Bharat’ with their solutions to the pressing issues in agriculture.
