Presenting her fourth Union Budget, finance minister Nirmala Sitharaman announced that agritech startups and companies will be engaged in public-private partnerships to deliver the latest technology education to farmers and aid in implementation. The FM also announced other policies and government-run funds for agritech startups in the drone and farming-as-a-service at the Union Budget 2022-23.
A fund with blended capital raised under co-investment model will be facilitated through the NABARD to finance agritech startups and rural enterprises relevant to farming. Startups supporting food producer organisations, farm rental services and other technology such as IT-based support will be eligible for funding under this scheme.
Secondly, Sitharaman added that the use of ‘kisan drones’ will be promoted for crop assessment, digitisation of land records, and spraying of insecticides and nutrients. States will be encouraged to revise agriculture education syllabi to meet the needs of modern-day farming and organic farming, value-addition to the agricultural chain. This is likely to boost India’s drone sector, which has thus far been struggling to make deep inroads into the market.
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