Budget 2023: ‘Much-needed Boost’ to Agritech Startups Welcomed by Industry Experts

edited by: Oindrila Mukherjee

Last Update: February 01, 2023, 23:59 IST

The Center has proposed to increase the agriculture target to Rs 20 lakh crore with emphasis on animal husbandry, dairy and fisheries.  (Representational Image: Reuters/File)

The Center has proposed to increase the agriculture target to Rs 20 lakh crore with emphasis on animal husbandry, dairy and fisheries. (Representational Image: Reuters/File)

Finance Minister Nirmala Sitharaman said the fund will aim to bring innovative and cost-effective solutions to challenges faced by farmers

union budget 2023 Considerable emphasis was placed on agriculture, the largest contributor to India’s GDP, with new initiatives offering cost-effective solutions to boost agricultural production. The move has drawn much praise from the sector, which hailed the ‘Agriculture Accelerator Fund’.

“The objective of the fund is to bring innovative and cost-effective solutions to the challenges faced by farmers. It will also bring in modern technologies to transform farming practices, increase productivity and profitability,” said Finance Minister Nirmala Sitharaman while presenting the new budget on Wednesday.

“This will provide a much-needed boost in productivity, besides improving efficiency, and reducing crop failure, for farmers and other stakeholders in the supply chain, who will now have access to new technology developed by agri-tech startups. The accelerator fund is sure to drive innovation in the sector, which will ensure optimum utilization of all resources including the vast labor pool engaged in farming,” said Mayank Tiwari, founder and CEO of Resha Mandi (a farm-to-retail digital ecosystem).

The government also proposes to raise the agriculture target to Rs 20 lakh crore with emphasis on animal husbandry, dairy and fisheries. in agriculture startup India Working to improve the logistics of the sector by making good use of technology to streamline produce, cut down on middlemen and get fair prices to farmers, will be empowered by this initiative.

“A major boost to our efforts to improve supply chain networks for all our stakeholders in the natural fiber ecosystem is the decision to support collaborative projects between farmers, states and businesses to provide input supply extension services and market connections Get. Tiwari said, apart from providing direct access to global markets, access to the Internet will inform the farming community about the world’s best agricultural practices.

In the budget, the central government also shared its plans to build a digital public infrastructure for agriculture – including farmer-centric solutions through information services and access to crop estimates, market information and other agricultural inputs.

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