Budget 2023: FM Nirmala Sitharaman introduces Agriculture Accelerator Fund

"The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries," FM Sitharaman said in the Parliament during her budget speech.

Union Finance Minister Nirmala Sitharaman on Wednesday (February 1) said the Agriculture Accelerator Fund will be set up to encourage agricultural startups in rural areas.

"The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries," FM Sitharaman said in the Parliament.

In the last six years, the Indian agriculture sector has been growing at an average annual growth rate of 4.6 percent.

Since 2014, the government's efforts have ensured for all citizens a better quality of life and life of dignity. The per capita income has more than doubled to Rs 1.97 lakh.

In the Economic Survey 2023 that was tabled in Parliament on January 31, it is reported that agritech startups have raised around Rs 6,600 crore over the last four years from private equity investors, witnessing a growth of over 50 percent per annum.

The Survey further said that there are more than 500 startups in the country "working in the millet value chains, while the Indian Institute of Millets Research has incubated 250 startups under Rashtriya Krishi Vikas Yojana – Remunerative Approaches for Agriculture and Allied Sectors Rejuvenation."

"This (climate-smart farming) is slowly gaining acceptance with farmers using clean energy sources like solar for irrigation. The farmers have been incentivised to transfer electricity generated through solar to the local grid. Crop yield prediction models using artificial intelligence and drones for monitoring soil and crop health have been initiated," the Survey said.