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Thursday, March 23, 2023

Finance Minister announces agriculture accelerator fund in Budget 2023

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India has announced the setting up of an agriculture accelerator fund to encourage agri-startups by young entrepreneurs in rural areas. Finance Minister Nirmala Sitharaman made the announcement while presenting the Union Budget for the year 2023-24.

While presenting the Union Budget 2023-24, Finance Minister Nirmala Sitharaman announced the establishment of an agriculture accelerator fund to boost agri-startups by young entrepreneurs in rural regions.

Ms. Sitharaman stated that digital public infrastructure for agriculture will be constructed as a ‘open source, open standard, and interoperable public good’ when discussing the necessity to establish digital infrastructure to benefit the country’s agriculture industry.

Agriculture digitalization is intended to provide inclusive farmer-centric services such as agricultural inputs, crop estimation, market intelligence, crop planning, and assistance for agri-based companies and startups.

On February 1, 2023, the Finance Minister will deliver the Union Budget for Fiscal Year 2023-24 to Parliament. The previous year’s budget focused on economic recovery against the backdrop of uncertainty induced by repeated COVID-19 infections. However, in her Economic Survey this year, Ms. Sitharaman declared that the economy had recovered from the Covid shock.

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