Startups And Youth Are Future Of Indian Agriculture, Rural Economy: PM Modi

Startups and youth are the future of the country’s agriculture sector and rural economy, Prime Minister Narendra Modi said on Monday (October 17), adding that the startups have solutions for every problem from cutting costs to transportation. 

The prime minister was speaking at the PM Kisan Samman Sammelan 2022, where he also inaugurated the ‘Agri Startup Conclave and Exhibition’. The growing number of agritech startups augur well for the Indian agriculture sector and rural economy, he said.

PM Modi also called for adoption of technology-based modern farming techniques, and said that the country needs to create new systems in agriculture, and adopt more scientific and technological methods with an open mind.

He also released the 12th instalment amount of INR 16,000 Cr to farmers under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme.

The exhibition will see participation of about 1,500 agritech startups who will present their innovations such as precision farming, post-harvest and value add solutions, allied agriculture, mechanisation for small farmers, supply chain management, and agri-logistic, among others.

The exhibition will allow agritech startups to share their experiences and interact with other stakeholders. It will further connect startups with agriculture farmers, FPOs, agri-experts and corporates, the government said in a statement.

The rise in the number of startups in the country and the overall funding in the ecosystem over the last few years has also seen new agritech startups emerging in the country.

The government is also making efforts to promote agritech startups to modernise the country’s agriculture sector which is largely dependent on traditional methods.

Recently, Inc42 reported that agritech startup DeHaat is in discussions with several investors to raise nearly $100 Mn in its Series E round at a valuation of over $1 Bn to become the country’s first agritech unicorn.

In June, agritech startup Waycool raised $40 Mn in a funding round led by global alternative investment firm 57 Stars. Before that, Country Delight bagged $108 Mn in its Series D funding round, while Bengaluru-based startup Fyllo also secured $2 Mn funding led by Triveni Trusts and Ninjacart.

According to an Inc42 report, the Indian agritech industry is likely to attain a size of $24.1 Bn by 2025. 

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