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13/07/24 10:01 AM IST

Nabard arm launches Rs 750 cr agri fund to finance startups

In News
  • National Bank for Agriculture and Rural Development (NABARD)  said its arm has launched a Rs 750-crore agri fund for startups and rural enterprises.
Agri SURE Fund
  • The “Agri-SURE” fund has 750 crore rupees in it, which was given by NABARD, the Ministry of Agriculture, and other organizations, with each giving 250 crore rupees.
  • This large amount of money shows that both the public and private sectors are determined to close the innovation and funding gap in agriculture.
  • The fund’s main goal is to improve the farming value chain by giving direct equity support and investing in Alternative Investment Funds (AIFs) that are both sector-specific and sector-agnostic.
  • Agri-SURE wants to help about 85 agribusiness start-ups. It works on high-risk, high-impact projects, and each one could get up to 25 crore in investment.
  • The ultimate goal is to create an environment that makes farming more productive, especially for small landowners and makes it easier to automate and digitize farming on a large scale.
Goals for Agri Sure
  • The goal of Agri-SURE is to support new, tech-based projects that not only help Farmers’ Producer Organizations (FPOs), but also build the links and infrastructure needed for a new rural environment.
  • The fund’s goals are to promote long-term growth and create jobs in rural places by investing in IT solutions and renting out machinery. NABARD and Department of Agriculture & Farmers Welfare leaders have talked about how important it is for technology to keep getting better so that resources can get to the people who need them most quickly.
  • Through digital and fintech solutions, innovations backed by Agri-SURE are expected to improve productivity, increase last-mile connectivity, and spark the next wave of growth in agriculture.
  • In the end, this project is a major step toward turning traditional farming into a more productive and long-lasting industry that meets both short-term wants and long-term development goals.
About NABARD
  • Apex Financing Agency: Established on July 12, 1982, by an act of the Indian Parliament, NABARD serves as the apex financing agency for institutions providing investment and production credit to promote agriculture, cottage, and rural industries
  • SHG Bank Linkage Programme: NABARD’s “SHG Bank Linkage Program” has helped millions of poor people in rural areas by connecting self-help groups with banks. This has made it easier for people in rural areas to get credit and use banking services.
  • Mandate and Functions: NABARD took the place of RBI’s Agricultural Credit Department and Rural Planning and Credit Cell. It is run by the Ministry of Finance. As a key part of the Indian government’s strategy for financial inclusion, it makes it easier for credit to flow for rural development
Source- Business standard

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