Facts for Prelims (FFP)
Source: LM
Context: NABARD plans to launch a ₹1,000 crore fund to support technology-driven agri-startups and rural enterprises, addressing challenges in scaling up operations due to limited access to equity and debt instruments to create new forward and backward linkages in the rural ecosystem.
What is the Agritech startups?
These startups use technology to enhance agriculture, providing smart agriculture services such as crop information, farming as a service, and big data analytics with AI to improve productivity and income.
Key initiatives taken by the government:
- Digital Agriculture Mission (DAM) with the India Digital Ecosystem of Agriculture (IDEA) and funding for new technology
- Innovation and Agri-Entrepreneurship Development Programme under the Rashtriya Krishi Vikas Yojana (RKVY)
- Access to loans for agri-startups through Priority Sector lending directed by the RBI
- NIDHI Seed Support Program (NIDHI-SSP) under the Department of Science & Technology (DST)
About NABARD:
NABARD (HQ: Mumbai; est. 1982) a key government institution, oversees Rural Banks and Cooperative Banks, facilitating credit planning, policy formulation, and rural development financing. It replaced entities like the Agricultural Credit Department and Agricultural Refinance and Development Corporation. NABARD is fully owned by the Ministry of Finance and plays a crucial role in financial inclusion efforts
