The Centre has funded about 800 startups with an quantity of Rs 118.65 crore under the Innovation and Agri-entrepreneurship Development Programme element of the Rashtriya Krishi Vikas Yojana (RKVY) to fuel innovation within the discipline of artificial intelligence (AI), web of issues (IoT), info and communication know-how (ICT), and blockchain know-how within the agriculture sector.

The transfer is a part of the federal government’s push to modernise agriculture and allied sectors to enhance yield, high quality, effectivity and profitability. [1]

Government funds 800 startups under RKVY to fuel innovation

Figure 1 shows prime Minister Narendra Modi recently called on entrepreneurs together with the corporate world, technology sector and the financial world to collaborate with the government and take Budget initiatives to farmers before they start the new agriculture year this year.

The total amount earmarked for promoting new age companies is Rs 86.64 crore as grants-in-aid. “So far, 799 startups have been finally selected between 2019-20 and 2021-22 by different knowledge partners and agribusiness incubators of the Department of Agriculture, Cooperation and Family

Welfare, and the first instalment of Rs 37.9 crore grants-in-aid has been released,” said an official, who did not want to be identified. [2]

The second instalment of grants-in-aid of Rs 5.09 crore has also been released for 113 startups out of these 799 startups, said the official.

The scheme has funded startups in the fields of agriculture and allied sectors such as agro-processing, food technology and value addition, precision farming and digital agriculture, blockchain technology, logistics, value and supply chain management, online platform, farm mechanisation, organic farming, natural resource management, renewable energy, waste management, animal husbandry, fisheries, dairy and secondary agriculture.

Under the scheme companies are provided with mentorship on financial, technical, intellectual property issues, seed stage funding up to Rs 25 lakh (85% grant and 15% contribution from the incubatee) and pre-seed stage funding of agripreneurs – funding up to Rs. 5 lakh (90% grant and 10% contribution from the incubatee).[3]

References:

1. https://www.pehalnews.in/government-funds-800-startups-under-rkvy-to-fuel-innovation/1743491/
2. https://hostingsignal.in/government-funds-800-startups-under-rkvy-to-fuel-innovation/
3. Source:https://economictimes.indiatimes.com/tech/startups/government-funds-800-startups-under-rkvy-to-fuel-innovation/articleshow/90123551.cms

Cite this article:

Thanusri swetha J (2022), Government funds 800 startups under RKVY to fuel innovation, Anatechmaz, pp. 167