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Agrotech, Finance, Start ups

Bengluru based start-up has set a target of reaching 10 million farmers in the next two years. 

 

 

 Bengluru based agritech start-up BigHaat has raised $2 million in its Series A round of funding led by Japanese investor Beyond Next Ventures. The round also saw participation from Rockstud Capital and existing investor Ankur Capital and few angel investors. 

The start-up intends to strengthen its data and technology offerings, scale up its marketing team and also strengthen its supply chains to support the next round of growth. It has set a target of reaching 10 million farmers in the next two years. 

 Sateesh Nukala CEO and co-founder said,“The traditional agri-inputs supply-chain is a broken experience, causing financial distress for the farmer. Technology can address this serious problem and transform a farmer’s pre-harvest journey into a profitable one”. 

Founded in 2015 by Nukala and Sachin Nandwana, the start-up aims to digitise the agricultural input ecosystem by providing farmers with information through technology and data science.

The company also provides technology-led inputs to agro-manufacturers about demand-supply issues, market feedback and new business opportunities.

 

Bengluru based start-up has set a target

Agro Universities, IT, R&D

Around 28 different technologies were showcased during the meeting. 

 

 

The ICAR-Central Institute of Agricultural Engineering, Bhopal, Madhya Pradesh organized a “Virtual Business Meet on the Post-Harvest Processing Technologies” developed by the Institute. 

In his inaugural address, Dr K. Alagusundaram, Deputy Director General (Agricultural Engineering), ICAR emphasized the need of post-harvest technologies in general and product processing in particular to help the farmers as well as the consumers. He delineated about some of the government policies for supporting the establishment of food processing industries at small to medium levels.

Dr Kanchan Kumar Singh, ADG (FE), ICAR highlighted about the various government subsidy programmes that are now getting targeted towards post-harvest processing as well which will play a vital role in doubling the farmers’ income by 2022. 

Dr S.N. Jha, ADG (PE), ICAR suggested on organizing more such meetings with the selected small group of stakeholders as it will help in developing confidence in the technologies being transferred to the stakeholders. 

Earlier, in his welcome address, Dr C.R. Mehta, PC, FIM, ICAR-CIAE, Bhopal assured about the willingness of the Institute for partnering with the various stakeholders through technology licensing, consultancy, contract services and business incubation, etc. 

Around 28 different technologies, developed at the Institute and its Regional Centre located at Coimbatore were showcased during the meeting. The meeting was aimed at showcasing some recently developed technologies to the prospective stakeholders, viz., food processors, entrepreneurs, impending Start-Ups, machinery manufacturers, farmers and rural youths.  A total of 100 stakeholders attended the virtual meeting.

Around 28 different technologies were showcased during

E-commerce, Logistics, Supply Chain

Maersk Flow will enables transparency in critical supply chain processes and ensures that the flow of goods 

 

 

 The new platform strengthens the company’s position as global integrator of container logistics helping small and medium sized customers to connect and simplify their supply chains.

To further assist small and medium sized businesses with the complexity of managing their supply chains, Maersk is launching Maersk Flow – a digital platform which provides customers and their partners with everything they need to take control of their supply chain, from factory to market.

The solution enables transparency in critical supply chain processes and ensures that the flow of goods and documents is executed as planned. It also reduces manual work and costly mistakes, while empowering logistics professionals with all the current and historical data they need to sustainably improve their supply chain.

“We are very excited to release Maersk Flow, which will give these customers a digital supply chain management tool that is designed specifically for their needs. Maersk Flow will allow our customers to significantly improve their supply chain performance with less time and effort. This lets them focus more resources on their core business and achieve happier customers and higher sales growth”, said, A.P. Moller, Global Head of SCM & E-commerce Logistics, Maersk

The daily life of small and medium sized businesses is increasingly global, complex and fast-paced. Every day thousands of products are moving through the supply chain, on multiple carriers, coming from and reaching many supply chain partners and customers. And for many of these companies this complexity is managed fully manually via spreadsheets, emails and phone calls, which despite lots of hard work is leading to reduced visibility and control – and ultimately higher costs or lost sales. With Maersk Flow these companies will be able to take control of their supply chains.

Maersk Flow further extends Maersk’s customer reach and strengthens the company’s position as an industry leader in digital solutions.

Maersk Flow will enables transparency in critical

E-commerce, R&D

Dole will be responsible for field evaluation and commercialization of Fusarium TR4 resistant Cavendish varieties.

 Elo Life Systems, a food and agriculture company announced a strategic partnership with the Dole Food Company, one of the world’s largest producers of high-quality fresh fruit and vegetables, aiming to develop multiple banana varieties, including Cavendish, with resistance to the devastating fungal disease, Fusarium wilt. 

Fusarium wilt, caused by the Tropical Race 4 (TR4) strain of a plant pathogenic fungus called Fusarium, is a fast-spreading pandemic threatening the continued cultivation of the world’s most popular fruit in a $25 billion banana industry. The disease was detected in Colombia in August 2019 and is expected to spread throughout Latin America. 

“Spread of Fusarium wilt would not only have devastating consequences to the banana industry, but also have a significant economic impact on farmers in the affected regions whose livelihoods depend on exports of the Cavendish banana,” said Elo’s Chief Executive Officer, Fayaz Khazi, Ph.D. “To date, chemical and cultural approaches to control this disease have been unsuccessful. We’re excited to work with Dole, which shares Elo’s vision to improve the security and sustainability of the global food supply, to address this critical need and help develop new varieties that leverage natural resistance within several relatives of the Cavendish banana.” 

“Bananas are not only the most popular fruit in the United States, but together with plantains, they are a staple food on which much of the world depends for sustenance,” said Patricio Gutiérrez, Director of Innovation R&D, Dole Tropical Products. “Our investment in this strategic project reflects our aspiration to improve a critically important food crop while helping farmers meet the continuous challenges to produce this food for the planet.” 

Under the terms of the partnership agreement, Elo will be primarily responsible for the discovery, evaluation, and development of multiple approaches to achieve resistance to Fusarium wilt, and Dole will be responsible for field evaluation and commercialization of Fusarium TR4 resistant Cavendish varieties. Dole will fully fund the research and development at Elo, in addition to paying royalties on the commercialized plant product.

 As part of the collaborative effort, Elo will use its proprietary suite of tools, including cutting-edge knowledge mining platform, gene discovery pipeline, trait validation workflows, and end-to-end expertise in translational agriculture, in combination with its proprietary homing endonuclease-based genome editing platform to develop potential TR4-resistant banana varieties in this important clonally propagated crop

Dole will be responsible for field evaluation

Agro chems – Pesticides, AgroPolicy

No significant crop losses reported from 10 states

Locust control operations have been conducted on 2,58,406 hectares of farm land in the states of Rajasthan, Madhya Pradesh, Punjab, Gujarat, Uttar Pradesh and Haryana by Locust Circle Offices (LCOs) from April 11 to August 8, 2020.

The state governments of Rajasthan, Madhya Pradesh, Punjab, Gujarat, Uttar Pradesh, Maharashtra, Chhattisgarh, Haryana, Uttarakhand and Bihar have also conducted control operations have been done in 2,64,491 hectares till August 9.

At 46 places in 7 districts including Barmer, Jodhpur, Bikaner, Nagaur, Churu, Hanumangarh and Sriganganagar of Rajasthan and 1 place in Kutch district of Gujarat, control operations were carried out during day and night time on the August 9 against hoppers and some scattered adults by LCOs.

Presently, 104 control teams with spray vehicles and 200 Central Government personnel are deployed in Rajasthan and Gujarat for locust control operations. Further, 15 drones are deployed at Barmer, Jaisalmer, Bikaner, Nagaur and Phalodi in Rajasthan for eradicating locusts on tall trees and in inaccessible areas through spraying of pesticides. A Bell helicopter has been deployed in Rajasthan for use in Scheduled Desert Area as per the need. Indian Air Force is also conducting trials in anti-locust operation by using a Mi-17 helicopter.

 

No significant crop losses reported from 10

E-commerce, R&D

UPL will use the center to leverage its advanced R&D capabilities in partnership with other innovation-based companies 

 UPL Limited, an Indian multinational agriculture company, is opening a new, “state-of-the-art” research and development (R&D) hub in the Research Triangle Park. 

Called the OpenAg Center, it will be located at 5 Laboratory Drive in the Alexandria Center for AgTech, a multi-tenant campus that serves the regional AgTech ecosystem, and include 45,000 square feet of laboratory space. 

Entrepreneurs and innovators are already being invited to work with UPL’s global business to “test, refine, scale and launch” technologies. A project submission form is located on the centre’s homepage. 

“Our food production systems need a shakeup,” stated Adrian Percy, chief technology officer of UPL, in a statement.

“Agriculture is in dire need of transformation, and today’s painfully slow rate of technology innovation and on-farm deployment simply can’t continue. Our OpenAg Purpose is tearing down limits and borders to create partnerships that will transform agriculture by delivering broad value across the entire food production network”, he added. 

Headquartered in Mumbai, Maharashtra, UPL Limited, formerly United Phosphorus Limited, manufactures and markets agrochemicals, industrial chemicals, chemical intermediates, and specialty chemicals, and also offers crop protection solutions. It has an annual revenue exceeding $5 billion and a presence in more than 130 countries. 

With a vision for a “global agriculture network,” UPL said it will use the Center to leverage its advanced R&D capabilities “in partnership with other innovation-based companies” to create new sustainable agriculture solutions. 

A company spokesperson that they will be hiring a team of approximately 30 agricultural scientists and technical staff. “The hiring has already begun and will continue over the course of the next 12 months,” she said.

“Combining the agility and innovation of start-ups with the flexible partnership model, scientific, R&D, IP, field development and registration expertise of UPL, the OpenAg Center will fuel a faster, more efficient process of getting technologies tested, approved and out in the field,” added Mark Singleton, head of new technologies for UPL. 

The space is comprised of climate-controlled research glasshouses as well as dedicated space for formulation, analytical chemistry and biochemistry laboratories. 

Given the current uncertainty surrounding the coronavirus pandemic, UPL said it will continue to follow the “stringent protocols” recommended by the WHO and CDC. 

To date, UPL said it remains fully operational, including the new OpenAg Center, with no disruption to the manufacturing or delivery of its products and services.

UPL will use the center to leverage

E-commerce

It has the potential to open key international markets for products made with GoodWheat ingredients 

Arcadia Biosciences, Inc. announced the execution of a term sheet to collaborate with Corner Foods, designed to bring its GoodWheat portfolio of specialty wheat ingredients to China and Israel. Arcadia’s GoodWheat was developed to offer unique health and nutritional benefits, such as higher fiber, improved protein quality and reduced allergenic gluten. Consumer preferences strongly align with these benefits. GoodWheat ingredients reimagine the health benefits around traditional bakery items, pasta and other wheat-based food products as well as offer alternative starch solutions to the pharmaceutical industry. 

“This collaboration with Corner Foods has the potential to open key international markets for products made with our GoodWheat ingredients,” says Matthew Plavan, president and CEO of Arcadia Biosciences. “We expect strong demand for healthy, ready-made products such as pastas and specialty baking mixes, and we have allocated significant GoodWheat inventories to support this growth initiative and leverage the international network of Corner Foods.” 

Through Corner Foods, Arcadia’s GoodWheat ingredient-based food products will be introduced directly to consumers in China via popular e-commerce site TMall and cooking and lifestyle network Tastemade China. Together, these digital platforms reach an estimated eight million consumers in China per month.

 “Tastemade is known for beautiful and engaging food, travel and lifestyle content that lets users explore cuisine from around the world through a mix of original content and user-submitted videos,” says Wayne Chen, CEO of Tastemade China. “We are excited to partner with Corner Foods to introduce viewers to Arcadia’s impressive portfolio of good-for-you wheat flours, pastas and baking mixes this fall.”

According to the research firm Mintel, China’s consumers in the post-COVID-19 environment are actively seeking a healthier lifestyle and prioritizing healthy snacks such as low-carb, low-sugar and fiber-added items. Additional research from McKinsey categorized about 49% of China’s population as middle-class-and-above urbanites and noted that 72% of these urbanites are actively seeking a healthier lifestyle, while 60 percent report always checking ingredient labels in foods. 

Arcadia and Corner Foods also plan for introductions into food retail and foodservice markets in Israel, long known for food tech innovation focused on healthful ingredients. Israel is home to more than 50 agriculture and food technology start-ups. In 2018, annual investment in Israel’s food tech sector rose to $100 million, according to a report by Start Up Nation Central.

Arcadia and Corner Foods are expected to execute definitive agreements in due course.

It has the potential to open key

R&D, Sustainable Energy

Use of solar energy to be key in creating efficient methods of hydrogen production

Hydrogen is being touted as one of the next generation low carbon fuels to replace fossil fuels and combat climate change. The future use of hydrogen as a fuel lies in the design of efficient electrocatalysts for facilitating electrochemical splitting of water to produce hydrogen.

The commercially used Platinum (Pt) / Carbon (C) catalysts are efficient but expensive and suffer from metal ion leaching or electrocatalyst corrosion when used for a long duration. MOFs and coordination polymers (COPs) are envisioned as the next generation catalysts.

Research conducted at the Centre for Nano and Soft Matter Sciences (CeNS), an autonomous institute under the Department of Science and Technology (DST), Government of India, for tuning of Metal-organic frameworks (MOFs) based catalysts to prevent electrocatalyst corrosion has been published in the journal ‘ACS Applied Energy Materials’.

Prof Ashutosh Sharma, Secretary, DST said that developing efficient means of splitting water to produce hydrogen and obtaining the energy required for it from solar energy would be a significant part of the sustainable and green solutions for our energy needs.

 

Use of solar energy to be key

Acts & Schemes – Centre, India, Warehousing

Industry-wide reactions pour-in appreciating the landmark step

Amit Shah, Union Home Minister expressed his gratitude to Prime Minister Narendra Modi for launching the Rs 1,00,000 cr ‘Agriculture Infrastructure Fund’ and for transferring Rs 17,000 cr to the accounts of 8.5 cr farmers under the ‘PM-Kisan’ scheme for the development of agriculture sector and rural areas. In a series of tweets, Amit Shah stated that the fund will accelerate the creation of many infrastructure projects such as cold storage, collection centers and processing units which will help farmers get the true value for their produce. The fund will also help to create new employment opportunities and will strengthen the rural economy. He added that the government has taken several unprecedented steps for doubling the income of farmers and for the development of the agriculture sector which will make Indian agriculture world class in the near future.

A win-win for all
Dr KC Ravi, Chief Sustainability Officer, Syngenta India Ltd lauded PM Narendra Modi, calling it another major step in strengthening Indian agriculture sector. Ravi said, “The Agriculture Infrastructure Fund shall provide debt financing facility for post-harvest management infrastructure and community farming assets. What’s heartening is that the small farmers are at the core of this Rs 1 lakh crore fund. It shall empower them to take good care of their produce either by creating their own warehouse or giving it to those who pay them the best. Post harvest losses have been a major bane for small farmers and this program especially addresses this”.

He also believes that additional employment opportunities will be created, providing opportunities for agri-business startups to scale up their operations, in turn benefiting farmers which can be win-win for all.

A timely and visionary program
Sanjay Kumar, CEO & MD, Elior India is positive that the PM’s bid to boost the agriculture sector will help the agriculture sector and in turn benefit the Food and Beverage industry at large. He said, “The announcement by the Prime Minister of Rs 1 lakh crore being invested in the agriculture sector is indeed much needed. It is critical that we improve the agricultural productivity and reduce the waste of agricultural commodities in our country. What is heartening to note is that some of these funds will be used for building post-harvest technologies, facilities and for the development of warehousing infrastructure”.

Kumar, however, felt that the restoration of the input tax credit on food sales would compliment this scheme significantly. Consequently, investments being made in the supply chain infrastructure will become remunerative, because if those investments have to provide returns based on bank loans, then it becomes necessary for the transactions to be recorded. Presently, the GST regime favours cash transactions for purchase of agricultural commodities because of the removal of input tax credit.

Kumar also observed that whilst the government is investing in developing this infrastructure, the utility of that investment will basically be driven through private consumption. In order to enable that it becomes critical that the tax on food consumption is rationalised and input tax credit is restored.

This could also be a spin-off free private capital flowing into post-harvest technology and warehousing infrastructure development because it will then become critical to record your transaction and make sure that the investment which the bank is funding or private capital is funding is able to secure a return. At the same time, Kumar was ebullient about more such initiatives from the government that can make India a strong and radiant economy, as 70 per cent of India still depends on agriculture for its livelihood.

 

Industry-wide reactions pour-in appreciating the landmark step Amit

Agro Universities, R&D

IWG is a cool-season perennial grain crop domesticated primarily for food use 

 

 

Compared to annual crops, perennial crops provide sustainable environmental benefits such as reduced soil and water erosion, reduced soil nitrate leaching, and increased carbon sequestration. Inclusion of sustainable cropping systems into mainstream agriculture has been a challenge given the lack of food-grade perennial grain cultivars. 

In an article recently published in the Journal of Plant Registrations, a publication of the Crop Science Society of America, University of Minnesota researchers report the release of the first commercially available intermediate wheatgrass (IWG) cultivar. IWG is a cool-season perennial grain crop domesticated primarily for food use while maintaining the ecological benefits it offers. 

The cultivar, named ‘MN-Clearwater,’ produces 696 kg ha-1 (621 lb ac-1) of grain on average with the first two years; it produces its highest grain yields under Minnesota conditions. It is relatively short at 113 cm and has minimal lodging with trace disease levels. MN-Clearwater is expected to perform well in US Upper Midwest, southern regions of Canada, and the US Northeast. 

As the first IWG cultivar released for sale under the Kernza® trade name, we expect MN-Clearwater to be a cornerstone resource for the IWG research community as well as for interested growers, food processors, and commercial partners. 

Adapted from Bajgain, P, Zhang, X, Jungers, JM, et al. ‘MN-Clearwater’, the first food-grade intermediate wheatgrass (Kernza perennial grain) cultivar. J. Plant Regist. 2020; 1- 10. 

Source: The American Society of Agronomy

IWG is a cool-season perennial grain crop

India, Seeds, World

Ministry of Agriculture issues notification on ‘Threat of Unsolicited/Mystery seed parcels’

Just when the world is trying to contain the COVID-19 pandemic, another ‘bioterrorism’ scare in the form of seeds is doing the rounds in recent weeks in the US and Canada. Across the 50 states, Americans have been receiving unsolicited seed packets in the recent couple of weeks which have been mislabeled as ‘earrings’ or such innocuous items, but found to contain seeds.

The US Department of Agriculture (USDA) terms it a ’brushing scam’ and ’agriculture smuggling’ and reports that unsolicited seed parcels may contain seeds of an alien, invasive species or is an attempt to introduce pathogens or disease that may pose a serious threat to the environment, agriculture ecosystem, and national security,” according to the agriculture ministry’s communication to various government agencies, research institutions, companies, and seed organisations.


In light of these developments and keeping in mind the current sour Sino-Indian political situation, the Indian government is not taking any chances. The Ministry of Agriculture and Farmer’s Welfare has issued a notification on ‘Threat of Unsolicited/Mystery seed parcels from unknown sources’.

Ram Kaundinya, Director General, Federation of Seed Industry of India was, however, not too alarmed by the so-called ‘terror tactics’ using seeds. He said, “Right now it is only an alert for a possible spread of plant diseases through seeds coming from unauthorised sources without orders. Seed terrorism is too big a word to use for it. There are limitations to what diseases a seed can carry. But nevertheless, it is a threat. These seeds could be of an invasive species or weed which if established in our environment will compete or displace native species”.

He added that steps should be taken to prevent the release of the seeds as controlling them in future would become a costly affair. As a precautionary measure, he dissuaded the use of any seeds received from unknown sources, and exhorted strict customs checks at ports and airports, and enforcement of plant quarantine.

Kaundinya added, “This situation can be handled through vigilance and by following precautions. People in the US have received such unsolicited packets and subsequently, the United States Department of Agriculture (USDA) issued an alert. We should not plant seeds that have come to us unsolicited and destroy them immediately.”

Ministry of Agriculture issues notification on ‘Threat

E-commerce, Environment

It helps cut pollution, conserve biodiversity 

 Tulips, India’s most innovative personal hygiene care brand, announced the launch of fully biodegradable, cotton buds/ swabs. Softer and safer, the eco-friendly cotton buds are made from certified paper, and purest grade cotton fibre, in world-class production facilities.  

Tulips is the first Indian company to introduce biodegradable Cotton buds on a national scale & make a serious initiative towards sustainable personal hygiene products. The stems are made using FSC certified paper. FSC (Forest Stewardship Council certification) means that this is a sustainable product & not made by depleting the natural forest cover. This is also in line with the Prime Minister’s call last year to reduce plastic content in single use products. 

Speaking on the launch, Rahul Jain, Partner, Tulips said, “Out of a huge consumer base of Cotton buds, there are substantial number of people who are looking for sustainable, eco-friendly option. We plan to promote these Cotton buds strongly & make sure to reach to every part of the country. Being the industry leader, we will be advertising & taking lot of other initiatives to create a shift in the minds of the Indian consumer to adopt paper stick-based Cotton buds instead of plastic ones. We target to completely stop or minimise the production of plastic stick cotton swabs by end of 2023, an informal deadline set up by our honourable Prime Minister” 

The Paper sticks in TULIPS Cotton buds give the best user experience & never splinter during usage. The other available alternatives like wood or Bamboo should not be used by consumers, are they make the swab very hard & can also splinter easily during usage, both causing possible harm to the user.

As responsible citizens, we all need to change our behaviour and lifestyles, to balance our need for plastic & effectively manage its waste. The 100 per cent biodegradable cotton buds/ swabs represent the company’s initiatives to bring about change in small yet impactful ways. 

One of the largest producers of swabs – Tulips’ product line, currently one of the best worldwide in innovative hygiene cotton products and wipes, employs more than 400 workers. TULIPS is also the 1st & the largest manufacturer of low cost COVID-19 TEST SWABS in India, helping lower the cost of testing & saving millions of dollars for the country.

 

 

 

It helps cut pollution, conserve biodiversity  Tulips, India’s

Acts & Schemes – Centre, Machinery – Post-harvesting

In FY 2020-21, budget of Rs 1,033 crore has been provided for the scheme, out of which Rs 553 crore has been released to state govts.

 

The Centre has released Rs 553 crore to states under a scheme to promote mechanization in the agriculture sector. The Sub-Mission on Agricultural Mechanization (SMAM) was launched in April 2014 with an aim to have inclusive growth of farm mechanization to boost productivity. 

“In the year 2020-21, budget of Rs 1,033 crore has been provided for the scheme, out of which Rs 553 crore has been released to state governments,” an official statement said.

Agricultural mechanization helps in increasing production through timely farm operations and cut in operations by ensuring better management of inputs. Mechanization also enhances the productivity of natural resources and reduces drudgery associated with various farm operations. 

The agriculture ministry pointed out that paddy straw burning is one of the major problems in the northern region of the country causing pollution. 

With an objective of moving away farmers of this region from the practice of crop residue burning, the scheme of CRM (Crop Residue Management) was initiated in 2018 wherein, farmers are provided machinery for in-situ management of crop residue through establishment of CHCs (Custom Hiring Centres). 

Individual farmers are also provided subsidy for procurement of machinery. Total funds of Rs 11, 78.47 crore were provided in the year 2018-19 & 2019-20 to Punjab, Haryana, Uttar Pradesh and NCT. 

“In 2020-21, Rs.600 crore has been provided in the budget for the scheme and Rs 548.20 crore have been released to the states well before time to ensure they can take up the activities in advance,” the statement said. 

’CHC- Farm Machinery’ App

The agriculture ministry has also developed a Multi lingual Mobile App, ’CHC- Farm Machinery’ which connects farmers with Custom Hiring Service Centres situated in their locality.

This app is facilitating agricultural mechanization in the country by encouraging small and marginal farmers to take machines on rental basis for agriculture practices without them having to purchase such high priced machines. 

The app has been further modified and been given the acronym of “FARMS-app” (Farm Machinery Solutions-app). The revised version is more user friendly and the scope of the app has also been enhanced, the statement said.

                                                                                                                                                                                                            Source-PTI

In FY 2020-21, budget of Rs 1,033

Acts & Schemes – Centre, AgroPolicy, Finance

Rs 1000 Crore sanctioned to over 2280 farmer societies under Agriculture Infrastructure Fund 

 Prime Minister Narendra Modi launched a new Central Sector Scheme of financing facility under the Agriculture Infrastructure Fund of Rs. 1 Lakh Crore. The scheme will support farmers, PACS, FPOs, Agri-entrepreneurs, etc. in building community farming assets and post-harvest agriculture infrastructure. These assets will enable farmers to get greater value for their produce as they will be able to store and sell at higher prices, reduce wastage, and increase processing and value addition. 

Today, only 30 days after Cabinet formally approved the scheme, the first sanction of over Rs. 1000 Crore was made to over 2,280 farmer societies. The event was conducted through video conference and was attended by lakhs of farmers, FPOs, cooperatives, PACS, and citizens joining from across the country. 

At the same event, the Prime Minister also released the 6th instalment under the PM-KISAN scheme of Rs. 17,000 Crore to nearly 8.5 Crore farmers. The cash benefit was transferred directly to their Aadhaar verified bank accounts with the press of a button. With this transfer, the scheme has provided over 90,000 Crore in the hands of more than 10 Crore farmers since its launch on 01 December 2018. 

Interaction with Primary Agriculture Credit Societies

Prime Minister interacted virtually with 3 Primary Agriculture Credit Societies from Karnataka, Gujarat, and Madhya Pradesh who are among the initial beneficiaries of the scheme. Prime Minister had an engaging discussion with the representatives of these societies to understand their current operations and how they plan to utilise the loan. The societies informed the Prime Minister about their plans to build godowns, setup grading and sorting units which will help member farmers secure a higher price for their produce. 

He said the scheme shall provide a financial boost to the farmers and agriculture sector and increase India’s ability to compete on the global stage. 

Prime Minister reiterated that India has a huge opportunity to invest in post-harvest management solutions like warehousing, cold chain, and food processing, and build a global presence in areas such as organic and fortified foods. He also mentioned that this scheme provides a good opportunity for start-ups in agriculture to avail the benefits and scale their operations, thereby creating an ecosystem that reaches farmers in every corner of the country. The Union Minister of Agriculture & Farmers’ Welfare, Shri Narendra Singh Tomar, was also present on the occasion. 

Agriculture Infrastructure Fund

The Agriculture Infrastructure Fund is a medium – long term debt financing facility for investment in viable projects for post-harvest management infrastructure and community farming assets through interest subvention and credit guarantee. The duration of the scheme shall be from FY2020 to FY2029 (10 years). Under the scheme, Rs. 1 Lakh Crore will be provided by banks and financial institutions as loans with interest subvention of 3 per cent per annum and credit guarantee coverage under CGTMSE scheme for loans up to Rs. 2 Crore. The beneficiaries will include farmers, PACS, Marketing Cooperative Societies, FPOs, SHGs, Joint Liability Groups (JLG), Multipurpose Cooperative Societies, Agri-entrepreneurs, Startups, and Central/State agency or Local Body sponsored Public-Private Partnership Projects.

 

Rs 1000 Crore sanctioned to over 2280