Budget 2023-24: FM Sitharaman Announces Agri-Focused Accelerator Fund

SUMMARY

The finance minister said that the fund is aimed at building innovative and effective agritech solutions for farmers to improve access to market linkages and better yields

In her Budget speech, the FM also proposed setting up digital public infrastructure for the agriculture space

The infrastructure would be built as an open-source, open-standard and interoperable public good to support growth of agritech industry and startups

Finance Minister Nirmala Sitharaman, in her speech for Union Budget 2023-24, announced an agriculture-focused accelerator fund to encourage agritech startups in the rural parts of the country.

Sitharaman said that the fund is aimed at building innovative and effective agritech solutions for farmers to improve access to market linkages and yields.

“The fund will aim at bringing innovative and affordable solutions for challenges faced by farmers. It will also bring in modern technology to transform agricultural practices, increase productivity and profitability,” said the FM.

Besides, the minister also said that digital public infrastructure for the agriculture space will be built from ground up. In her speech, Sitharaman said that it would be built as an open-source, open-standard and interoperable public good.

Targeted at farmers, the project will support growth of agritech industry and startups. It is also envisaged to improve access to farm inputs, shore up credit and insurance, and increase access to market intelligence .

The move is part of this year’s seven-fold approach which aims to give a major push to the Indian economy amid a global slowdown.