Besides a hike in the agriculture credit target, Budget 2023 looks to solve issues that both farmers and agritech startups face
One of the major challenges that the agriculture sector in India faces is that of lack of storage capacity. In order to fix this, the finance minister has announced plans to set up massive decentralised storage capacity Image: Shutterstock
Finance Minister Nirmala Sitharaman’s Budget 2023 speech had some major announcements for the agriculture sector—an accelerator fund for agri startups, higher agri credit allocation and digital public infrastructure for agriculture.
The Agriculture Accelerator Fund is expected to hugely benefit agritech startups and provide them with a much-needed boost, in turn transforming agricultural practices, increasing productivity and profitability. By encouraging young entrepreneurs in rural areas to set up startups, the fund aims to bring innovative and affordable solutions for challenges faced by farmers. “This will certainly encourage a greater number of startups to emerge and scale up their unique solutions, fast-tracking innovation in the sector,” says Rajesh Ranjan, CEO of Krishify, which is a social network and commerce platform for farmers.