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Finance, Funding, Institutions, Investments, Microfinance, Schemes - Banks, Schemes - Govt, Schemes - NABARD

The second phase of the NabVentures Fund will fund businesses that address climate change concerns and foster innovation in the agriculture and rural sectors

Following the successful launch of its first fund, NabVentures, a subsidiary of the National Bank for Agriculture and Rural Development (NABARD), plans to announce a second round of funding in the coming fiscal year. According to NABARD Chairman Shaji K.V., this new effort, termed NavVentures Fund 2, will have a corpus of Rs 1,000 crore and will focus on companies that address climate change concerns in the rural financial ecosystem.

The bank’s first fund, launched last July under the name ‘Agri-Sure,’ had an initial corpus of Rs 750 crore, with NABARD and the Ministry of Agriculture contributing Rs 250 crore each, as well as Rs 250 crore from other institutions. The fund was established to encourage investments in innovative, technology-driven, high-risk, high-impact initiatives in agriculture and related fields.

Shaji K.V. stated that the next round of funding would prioritize ideas to increase agricultural productivity and address rural development concerns. “We believe that the next wave of productivity growth will come through innovations, and venture capital is essential to support these breakthroughs,” he told me. “NabVentures Fund 1 focused on agriculture and rural activities, but Fund 2 will integrate a strong climate component to help address environmental issues in rural India.”

The focus of NavVentures Fund 2 will concentrate on area-based pilot projects that attempt to demonstrate solutions capable of minimizing the effects of climate change. “As a development financing institution, we must establish use cases that demonstrate the potential of such efforts to address climate-related challenges. These solutions would be developed in India and tailored to the country’s specific requirements,” Shaji K.V. stated. He also stated that NABARD is in talks with international institutions such as the Asian Development Bank (ADB) and the United Nations Food and Agriculture Organization (FAO) about bringing in external expertise for the project.

In addition to climate-related initiatives, NABARD is trying to increase the registration of fishery farmers. “We are urging state governments to enhance the registration process for fish producers. “Once these farmers are registered and linked to the activity, we can encourage banks to lend,” Shaji K.V. explained.

As of August 7, 2024, 426,666 Kisan Credit Cards (KCCs) had been distributed to fishermen and fisheries farmers. 75 million KCCs worth Rs 9.4 trillion have been granted to farmers in diverse sectors. NABARD also ensures that agricultural financing is available at fair rates, including an interest-subvention scheme for short-term crop loans. Under this initiative, farmers earn a 2 per cent interest subsidy on loans up to Rs 3 lakh. Farmers who repay their loans on or before the due date are entitled for an additional 3 per cent interest subsidy.

With the launch of the NavVentures Fund 2, NABARD seeks to not only stimulate agricultural innovation but also address growing climate concerns in rural regions, hence promoting the development of sustainable solutions specific to India.

The second phase of the NabVentures Fund

Uncategorized

The govt intends to empower rural India by modernizing agricultural support systems and increasing financial inclusion, with a target of 2 lakh cooperatives. Additionally, the program will open up new doors for women, kids, and farmers nationwide

10,000 Multipurpose Primary Agricultural Credit Societies (MPACS) and Dairy and Fisheries Cooperative Societies were inaugurated in New Delhi by Union Home Minister and Cooperation Minister Amit Shah. Prominent dignitaries attended the occasion, including the Secretary of the Ministry of Cooperation, Union Ministers of State for Cooperation Krishan Pal and Murlidhar Mohol, and Union Minister for Fisheries, Animal Husbandry, and Dairy Rajiv Ranjan Singh.

Amit Shah congratulated Pandit Madan Mohan Malviya and former Prime Minister Atal Bihari Vajpayee on their birth anniversaries during his introductory comments. He described Malviya as a cornerstone of the Indian freedom struggle, dedicated to the country’s independence, traditions, and values. Shah highlighted Vajpayee’s visionary leadership, which significantly impacted the evolution of contemporary India. Among Vajpayee’s achievements were the creation of a ministry for tribal affairs, the advancement of India’s nuclear arsenal, and ground-breaking infrastructure projects like the Golden Quadrilateral highways and the Pradhan Mantri Gram Sadak Yojana. Shah also commemorated the anniversary of C. Rajagopalachari’s death in recognition of his role as a freedom fighter and his significant input into the drafting of India’s Constitution.

Atal Bihari Vajpayee’s centennial was celebrated with the opening of 10,000 new MPACS. Shah underlined that this significant occasion pays tribute to Vajpayee’s legacy, especially his contribution to the passage of the 97th Amendment to the Constitution, which fortified the cooperative sector. Additionally, he disclosed that these PACS were registered in a record 86 days following the creation of a standard operating procedure.

Shah emphasized the government’s goal of establishing cooperatives in every Panchayat and thanked Prime Minister Narendra Modi for implementing the guiding idea of “Sahkar Se Samriddhi” (Prosperity via Cooperation). The initiative’s goal is to reinforce the three-tier cooperative system, which forms the basis for rural development, by creating 2 lakh new PACS.

Shah stated that the registration of these PACS was made possible in large part by NABARD, NDDB, and NFDB. Additionally, he emphasized how computerization has modernized PACS and allowed them to be integrated with 32 crucial tasks, including as water management, fertilizer delivery, and storage. They are now more relevant and functional in rural regions because to this technical advancement. A comprehensive training curriculum has been established to facilitate this shift by giving PACS workers and members the necessary skills. Shah encouraged district cooperative registrars to make sure the training program is implemented effectively so that cooperative societies may become more capable.

The govt intends to empower rural India

AgroPolicy, Finance, Microfinance

The allied activities receive only 10 per cent of the total agricultural credit while they contribute lion’s share of 40 per cent to the agricultural output

Department of Financial Services (DFS) reviewed the progress of credit disbursement to agri-allied activities such as animal husbandry, dairying and fisheries with Public Sector Banks (PSBs), NABARD and State/ UT Level Bankers’ Committee. Representatives of State Governments / UTs, Department of Animal Husbandry & Dairying and Department of Fisheries also participated in the discussions.

Government urged PSBs to take all necessary steps to ensure that respective targets are met during the current financial year, and stressed on the State Governments to facilitate banks in improving flow of credit to these sectors.

Experts underscored the importance of the allied sector in driving agricultural growth and its employment potential in rural area and highlighted the trend of regional disparity in credit disbursement in allied activities. The Government therefore directed banks to conduct regional level assessment/meetings to ensure disbursement of credit in all areas as all regions have huge potential in allied activities. NABARD is supposed to play a pivotal role in this regard, in terms of coordination with state line departments and LDMs in identification of fish farmers and providing them benefit of KCC scheme.

Government of India’s focus on seamless access to affordable credit to allied sector was brought to light and all stakeholders have been urged to take all necessary steps to increase credit flow to the sector.

The allied activities receive only 10 per

Agribusiness, AgroPolicy, India, Trade

This guidebook outlines essential agri-export procedures, from setting up a legal business to making Indian agricultural products available on the global market.

The National Bank for Agriculture & Rural Development (NABARD) supported Agri Export Facilitation Centre (AEFC) has prepared a comprehensive guidebook on agri-export which was officially released by Manju Rajpal, IAS, Secretary, Cooperative Department RCS, Government of Rajasthan during the 55th High Level Committee (HLC)/ State Level Task Force (SLTF) meeting on Cooperative Credit Structure organized by NABARD RO in Jaipur.

The National Bank for Agriculture & Rural Development (NABARD) has established an initiative titled & setting up of Agri-Export Facilitation Centre (AEFC) at Jodhpur, Rajasthan, funded through its Farm Sector Promotion Fund (FSPF) and implemented by South Asia Biotechnology Centre (SABC), Jodhpur.

The AEFC with support from NABARD, aims to boost Rajasthan’s agricultural exports and serve as a resource centre for various stakeholders viz., agripreneurs, agri-business entities, and Farmer Producer Organizations (FPOs). The centre is also aimed to equip exporters with the tools and insights they need to succeed in international trade of agricultural commodities and value-added products.

As a significant outcome of this project, the project implementing agency has developed an insightful Agri-Export guidebook titled “From Local to Global: The Agri Exporter’s Roadmap”, authored by Bhagirath Choudhary and Sapna Bohra of South Asia Biotechnology Centre.

The agri-export guidebook ‘From Local to Global: The Agri-Exporter’s Roadmap’ is an attempt to assist key stakeholders to explore and navigate through the complexity of trade in food, said Dr Rajiv Siwach, Chief General Manager (CGM), NABARD, RO Jaipur Rajasthan.

“ I am confident that this guidebook will stand as a steadfast ally to key in the chain, the clarity and essential for navigating through the realm of agricultural exports, emphasized Dr Siwach. This guidebook outlines essential agri-export procedures, from setting up a legal business to making Indian agricultural products available on the global market. It provides practical information designed to inspire young agripreneurs to start their ventures and explore opportunities in the global marketplace. Additionally, a Hindi version of the guidebook is under preparation for improved accessibility and better outreach to the rural community.

With this agri-export guidebook, NABARD aims at empowering aspiring agri-exporters to reach their goals and contribute to our nation’s growth in the global export market.

Keeping in view the bountiful production of high value crops in Rajasthan, the potential for processing, value addition and agri exports has never been more promising, said Dr Bhagirath Choudhary, author of the guidebook and coordinator of NABARD Agri Export Facilitation Centre (AEFC). The agri-export guidebook is meticulously curated with practical information to facilitate the journey from local small farms & farmer producer organization (FPOs) to the global marketplace, asserted Dr Choudhary.

Pushphas Pandey, General Manager, NABARD, representatives from Regional Office of RBI, MD of Rajasthan State Cooperative Bank Ltd. (RStCB), MDs of Jaipur, Ganganagar and Jaisalmer District Central Co-operative Banks, officials from RStCB and other officials from NABARD, RO were also present during the release of the agri-export guidebook.

This guidebook outlines essential agri-export procedures, from

Acquaculture, AgroPolicy, Finance, India, Schemes - NABARD

Financing for shrimp farming, processing and export will be facilitated through NABARD.

Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25. In the first budget of the Modi 3.0 government, Sitharaman said that government has drawn a road map for Vikasit Bharat with 9 priorities agenda which includes productivity and resilience in agriculture and energy security.

The Union Finance Minister said financial support for setting up a network of Nucleus Breeding Centres for Shrimp Broodstocks will be provided.  Sitharaman said Financing for shrimp farming, processing and export will be facilitated through NABARD.

Financing for shrimp farming, processing and export

AgroPolicy, Fruits, Horticulture, India, Supply Chain, Trade, Vegetables

The workshop focused on educating FPOs about the processes and opportunities in the export market.

NABARD, in partnership with the Department of Agriculture and Farmers’ Empowerment, Govt. of Odisha, Agricultural and Processed Food Products Export Development Authority (APEDA) and Palladium organized a strategy workshop in Mayurbhanj of Odisha for Farmer Producer Organizations (FPOs) on exporting fresh vegetables from Mayurbhanj, Keonjhar, and Balasore districts in north zone of the state. Facilitated by Palladium as Technical Support Unit (TSU) to the Directorate of Horticulture, Odisha, the event aimed to enhance the export potential of fresh vegetables from the region.

The workshop focused on educating FPOs about the processes and opportunities in the export market, with a specific goal of exporting okra, bitter gourd, and long beans to Dubai within the next six months, as per the demand. In last three months, for the first time, eight FPOs exported over 86 quintals of mangoes and fresh vegetables to seven countries in the Middle East and Europe – United Kingdom, Italy, Ireland, Poland, Qatar and UAE.

Many esteemed speakers, including exporters, representatives from NABARD, APEDA, State and district officials from the department and Palladium graced the event. The inaugural session included opening remarks and special addresses from dignitaries, followed by informative sessions led by Dr. Sudhanshu K.K. Mishra (CGM NABARD), APEDA’s Regional Head, Sitakanta Mandal, Palladium’s Associate Director, Biswajit Behera and representatives from export houses. The workshop saw an active interaction of representatives from FPOs with other stakeholders.  Mahila Pragati Farmer Producer Company Limited, a successful FPO from Rayagada, presented its success story and the plan for diversifying into other commodities for export. The all women FPO with over 1900 members has recently been exporting mangoes and fresh vegetables.

Addressing the inaugural session, Dr. Sudhanshu K.K Mishra, CGM NABARD, said “Three areas are key to boost export in the state – strengthening supply to meet market demand, adherence to international quality standards, and role of packaging. The markets are demanding, and only good quality produce will fetch remunerative prices. NABARD along with APEDA, Department of Agriculture and Farmers’ Empowerment and Palladium, will focus on the value-chain development in fruits and vegetables to increase export of fresh produce from the state.”

Biswajit Behera, Associate Director, Palladium said, “Facilitating export of fresh produce from Odisha is one of the key focus areas of the state government as it is facilitating cold-chain facilities across the state to boost export from the state. Palladium is working closely with the FPOs in the state to make the farmers market-ready and the FPOs supply ready”. He further added, “Palladium is facilitating multiple stakeholder consultations to develop concrete action plans and roadmap for export. Moreover, the team is working with the Government, APEDA, NABARD and exporters to identify and bridge the gaps in exporting fresh produce from the state.”

Sitakanta Mandal, Regional Manager APEDA said, “Production planning, infrastructure support and training and handholding FPOs is crucial for strengthening supply of fresh produce from FPOs to international markets. To achieve this, we need to adopt a collaborative approach with the key stakeholders. Our next focus would be to conduct a state-level export sensitization workshop to provide technical handholding to FPOs in Odisha on export process and potential.”

The workshop focused on educating FPOs about

AgroPolicy, Finance, India, Schemes - NABARD, Start ups

Under this Blended Capital Fund, an equal contribution of Rs 250 crores each will be provided by the Department of Agriculture and Farmers Welfare and NABARD

The Government is poised to launch the ‘Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE) to support start-ups and agripreneurs through investments in sector-specific, sector-agnostic, and debt Alternative Investment Funds (AIFs), as well as direct equity support to start-ups working in Agriculture and allied sectors This initiative aims to foster innovation and sustainability in India’s agricultural sector through the establishment of a Rs 750 crore Category-II Alternative Investment Fund (AIF). The fund will offer both equity and debt support, specifically targeting high-risk, high- impact activities in the agriculture value chain.

The announcement was made at the Pre-Launch Stakeholder meet held at NABARD Headquarters in Mumbai. The event was attended by key stakeholders, including financial institutions, investors, AIF managers, and agri-startups. Distinguished guests included Ajeet Kumar Sahu, Joint Secretary, DA&FW; Shaji K.V., Chairman, NABARD; Govardhan Singh Rawat, DMD, NABARD; and Dr Ajay Kumar Sood, DMD, NABARD.

In his address, Ajeet Kumar Sahu highlighted the fund’s potential to create an ecosystem that enhances financing for the agriculture sector through innovative approaches, benefiting small and marginal farmers. Shri Shaji K.V. emphasized the need for public and private sector collaboration to drive the next level of growth in agriculture through technological innovations.

While explaining the features of the fund CEO NABVENTURES briefed that the fund will be set up with an initial corpus of ₹750 Crore with 250 crores each from NABARD and the Ministry of Agriculture, and 250 crores from other institutions. The fund will focus on innovation in agriculture, enhancing the farm produce value chain, creating rural infrastructure, generating employment, and supporting Farmers Producer Organizations (FPOs). The fund will also encourage IT-based solutions and machinery rental services for farmers. NABVENTURES, a wholly owned subsidiary of NABARD, will be the Fund manager of AgriSURE. The fund is designed to operate for 10 years, extendable by two or more years.

Underscoring its commitment to fostering innovation, NABARD also launched the AgriSURE Greenathon 2024. The hackathon aims to address three key problem statements: “Smart Agriculture on a Budget,” which tackles the high cost of advanced agriculture technologies that hinder small and marginal farmers; “Turning Agri-Waste into Profitable Business Opportunities,” focusing on transforming agricultural waste into profitable ventures; and “Tech Solutions Making Regenerative Agriculture Remunerative,” which aims to overcome economic hurdles in adopting regenerative agriculture practices.

NABARD called upon participation from young innovative minds to contribute to the journey of our country towards ‘Viksit Bharat’ with their innovative solutions to alleviate the flailing issues of the agriculture.

Under this Blended Capital Fund, an equal

AgroPolicy, Agrotech, Finance, India, Schemes - Govt, Schemes - NABARD

Investments worth Rs 72,000 crore have been mobilised with Rs 43,000 crore already sanctioned for 67,871 projects under Agriculture Infrastructure Fund till date.

Union Minister for Agriculture and Farmers’ Welfare and Rural Development Minister Shivraj Singh Chouhan launched a web portal developed jointly by the Department of Agriculture and Farmers’ Welfare (DA&FW) and NABARD to automate and speed up the process of settlement of interest subvention claims of banks submitted under the Agriculture Infrastructure Fund (AIF). Minister of State for Agriculture and Farmers’ Welfare Bhagirath Choudhary, Chairman, NABARD, senior officers of DA&FW and banks were also present.

Addressing on the occasion, Union Minister Shivraj Singh Chouhan said that newly launched automation of credit claims will ensure timely settlement of claims within a day, which otherwise took months for manual settlement. He said the move will also ensure transparency and check corrupt methods. Shri Chauhan said the new portal on sharing of farmers experience will enable the farming community to gain from each other’s experiences. He said there are several farmers who are self-experimenting and their successful stories should be brought forward for others to emulate. Union Minister said that the investments worth Rs 72,000 crore have been mobilised with Rs 43,000 crore already sanctioned for 67,871 projects under Agriculture Infrastructure Fund till today. Additionally, banks can anticipate quicker settlement of interest subvention claims.

Chouhan also informed that the automated system would help in calculating accurate eligible interest subvention through the portal avoiding the possible human error in manual processing and also help in faster settlement of the claims. The portal shall be used by banks, Central Project Management Unit (CPMU) of DA&FW and NABARD. The automation of the interest subvention claim and credit guarantee fee claim processing will help the government in releasing accurate interest subvention, reduce the turn-around time and in turn help the farmers and agri entrepreneurs financially and encourage them to take up more such projects for development of agriculture in the country.

Union Minister Shivraj Singh Chouhan also launched Krishi Katha, a blogsite meant to serve as a digital platform to showcase the voice of the Indian farmers, dedicated to amplifying the experiences, insights and success stories of farmers across the country.”Krishi Katha” aims to provide a comprehensive and immersive storytelling space where the narratives of India’s agricultural community can be shared and celebrated.

Union Minister highlighted that the launch of Krishi Katha is a significant move towards acknowledging and amplifying the voice of our farmers. He emphasised that their stories of resilience and innovation are the cornerstone of our agricultural sector and expressed confidence that this platform will serve as a wellspring of inspiration for others. The objectives behind this initiative will be helpful in raising awareness, facilitating exchange of knowledge, fostering collaboration and empowering farmers.

Investments worth Rs 72,000 crore have been

AgroPolicy, Climate, Finance, India, Schemes - NABARD

Climate Strategy 2030 is structured around four key pillars – Accelerating Green Lending across sectors, Playing a broader Market-Making Role, Internal Green Transformation of NABARD, and Strategic Resource Mobilization.

In a significant stride towards sustainable development, NABARD unveiled its Climate Strategy 2030 document on the occasion of Earth Day. The document was released by Shaji K V, Chairman NABARD. This comprehensive strategy aims to address India’s escalating need for green financing.

Despite the pressing demand, where India requires approximately US$ 170 billion annually to reach a cumulative total of over US$ 2.5 trillion by 2030, current green finance inflows are critically insufficient. As of 2019-20, India garnered about US$ 49 billion in green financing, merely a fraction of what is needed. With the majority of funds earmarked for mitigation, only US$ 5 billion was allocated towards adaptation and resilience, reflecting the minimal private sector engagement in these areas due to challenges in bankability and commercial viability.

NABARD’s Climate Strategy 2030 is structured around four key pillars to address this demand: (i) Accelerating Green Lending across sectors, (ii) Playing a broader Market-Making Role (iii) Internal Green Transformation of NABARD, and (iv) Strategic Resource Mobilization.

This strategic initiative not only reinforces NABARD’s commitment to environmental stewardship but also positions it as a pivotal player in India’s transition towards a resilient and sustainable economy.

Climate Strategy 2030 is structured around four

AgroPolicy, Agrotech, IT, R&D

Under the MoU, UNDP will leverage its expertise in open innovations, data collaboratives, data science approaches and global know-how to support NABARD’s agenda of embedding data-driven decision-making in agriculture investments.  

The United Nations Development Programme (UNDP) and the National Bank for Agriculture and Rural Development (NABARD) signed a Memorandum of Understanding (MoU) to co-create data-driven innovations in agriculture and food systems to support smallholder farmers. Under this MoU, both organisations will work to improve the lives and livelihoods of smallholder farmers by sharing open-source data for product development, transfer of technology and supporting the framing of agrarian policies.   

The MoU was signed by Chief General Manager of NABARD, Sanjeev Rohilla, and UNDP Deputy Resident Representative, Isabelle Tschan. Under the MoU, UNDP will leverage its expertise in open innovations, data collaboratives, data science approaches and global know-how to support NABARD’s agenda of embedding data-driven decision-making in agriculture investments.  

The partnership includes enhancing and disseminating collaborative digital public goods like DiCRA (Data in Climate Resilient Agriculture). DiCRA is a collaborative digital public good which provides open access to key geospatial datasets pertinent to climate-resilient agriculture. DiCRA, which is curated by UNDP and partner organisations to inform public investments in agriculture, already provides intelligence on climate resilience for 50 million hectares of farmland across India. By partnering to enhance and scale its use, NABARD will host and maintain the DiCRA platform and use its key geospatial datasets for policy making, research and development activities, with UNDP’s technical support.   

This five-year technical cooperation is envisaged to foster collective climate action and create innovative platforms and new product offerings to enhance economic empowerment in rural India. Speaking on the occasion, Shaji KV, Chairman of NABARD, said, “NABARD is extremely excited about this collaboration with UNDP. This opens a sea of opportunities for the two organizations to leverage data and present it as a digital public infrastructure for the vast rural Indian community of farmers. We are looking forward to deeper ties with UNDP as we progress, and this MoU is a step towards this direction.” 

Reaffirming UNDP’s commitment, Isabelle Tschan, Deputy Resident Representative said, “Agriculture is the largest source of livelihoods in India employing 80 per cent of rural women who are more vulnerable to climate change. DiCRA uses cutting-edge data science and machine learning to identify farms that are resilient to climate change and those that are highly vulnerable. Such open data innovations can highlight best practices, optimize agriculture investments and shelter populations from risk. The collaboration with NABARD will strengthen our support to build sustainable agricultural practices and secure livelihoods reducing the vulnerability of small farm holders, especially women.”

Under the MoU, UNDP will leverage its

AgroPolicy, Foodgrains, India

Koraput Kalajeera rice known as the ‘prince of rice’ is an aromatic variety originating from the Koraput district of Odisha

A type of rice called Koraput Kalajeera Rice, grown by tribal farmers in Odisha, has been awarded a Geographical Indications (GI) tag due to its nutritional value and distinct aroma.

The Jaivik Sri Farmers Producer Company Limited at Pujariput applied for the GI registry in January 2022, with the support of the National Bank for Agriculture and Rural Development (NABARD) and the Odisha government’s Department of Agriculture and Farmers Empowerment.

Koraput district in Odisha is the origin of cultivated rice, and the farmers of the region have domesticated Kalajeera rice over generations, leading to the conservation of the crop. Known as the ‘Prince of Rice’, Koraput Kalajeera Rice is favoured by consumers for its black colour, good aroma, taste, and texture. It is grown in areas such as Tolla, Patraput, Pujariput, Baliguda, and Mohuli in Koraput district.

Rice has been shown to have several health benefits, such as improving memory, controlling diabetes, increasing haemoglobin levels, and boosting the body’s metabolism. Furthermore, it has antispasmodic, stomachic, carminative, antibacterial, astringent, and sedative properties. Separately, Nayagarh Kanteimundi Brinjal, a brinjal species grown in Nayagarh district, has also recently received the GI tag from the Centre.

Koraput Kalajeera rice known as the ‘prince

Agrotech, India, Live Stock, R&D

A portable, detachable, and mobile meat processing unit along with a compact, cost-effective, and eco-friendly

National Meat Research Institute (NMRI), Hyderabad has developed Swachh Meat Hub, a portable, detachable, and mobile meat processing unit along with a compact, cost-effective, and eco-friendly (C2E) composter named WOW (wealth out of waste) hut.

The facility was inaugurated by Suseela Chintala, Chief General Manager, NABARD, Telangana RO, Hyderabad in the presence of Dr S. B. Barbuddhe, Director, ICAR – NMRI, Hyderabad.

Chintala urged for large-scale popularisation of the technologies Pan-India.

Dr Barbuddhe presented an overview of the livestock sector and its role in nutritional security. He also briefed the activities undertaken at the institute.

Fifteen participants from 6 states were given hands-on training in the area of hygienic meat production and value addition.

The activities were undertaken through a NABARD-sponsored project on Wholesome meat production and value addition for small and medium-scale entrepreneurship development.

A portable, detachable, and mobile meat processing

AgroPolicy, Foodgrains, Pulses, Sustainability

She also called for protecting the returns of farmers, who are already growing millet

Nirmala Sitharaman, Finance Minister directed National Bank for Agriculture and Rural Development (Nabard) to sensitise farmers to shift towards more remunerative but less water-guzzling crops, especially millets, pulses and oilseeds.

With the production and marketing of Shree Anna being a national priority in the International Year of Millets 2023, Sitharaman told Nabard to encourage farmers to enhance the area covered under millets.

She also called for protecting the returns of farmers, who are already growing millets.

At a review meeting of Nabard, the FM also advised the institution to work towards ensuring efficiency and outcomes at the ground level with improvement in rural income as the top priority, as mentioned in Nabard’s statement.

Sitharaman said that improving the digital capabilities of rural financial institutions, including regional rural banks (RRBs), be facilitated on a priority basis for augmenting financial inclusion.

“NABARD should take steps to augment rural credit by correcting regional imbalances for better productivity in rural areas, including in the non-farm sector,” she added.

She told Nabard to work towards rural income generation as a top priority.

The FM also chaired another meeting of the consultative committee attached to the finance ministry on ‘Financial Inclusion: Progress and prospects’, in Delhi.

There, Sitharaman suggested identifying credit-deficient districts in each state and carrying out special credit outreach camps in those districts.

She also called for protecting the returns

Agrotech, Company News, Finance, India, Start ups

The fresh infusion of capital will enable Satyukt Analytics to expand its satellite network, enhance its analytics infrastructure, and further refine its algorithms.

 Satyukt Analytics Private Limited, a Bengaluru-based agri analytics startup that uses satellite technology and machine learning to provide SaaS based advisory services in a direct to farmer manner through sat2farm mobile app to farmers, including small and marginal farmers, is ecstatic to announce a successful pre-Series A funding round led by NABVENTURES. This funding enables Satyukt to accelerate the growth of sat2farm app that empowers farmers with data-driven insights, sat2credit app that helps BFSI players to evaluate a farm’s creditworthiness and credit risk and introduce new products such as sat4agri for agri input companies and sat4risk for agri insurers.

Satyukt has a proprietary technology that can measure farm soil nutrients content within minutes enabling stakeholders to assess soil quality on their mobile devices without having to visit the farm. Assessing creditworthiness in the agricultural sector has historically been difficult due to limited access to reliable data and remote locations. Sat2credit is a revolutionary tool for BFSI industry as it provides in-depth farm-level analysis and insights enabling banks and financial institutions to make customised digital lending decisions. Using Sat2credit, the lenders can assess the creditworthiness, determine the credit scores of potential borrowers, structure loans more effectively, expedite the lending process for farmers, and tailor loan offerings to meet their specific needs. Sat2Credit’s exhaustive analysis offers vital insights into producers’ financial health, productivity, and risk profile.

NABARD Chairman, Shaji K. V. mentioned, “Satyukt is a unique agritech startup harnessing the power of satellite data and remote sensing for the benefit of farmers. The potential is immense for Satyukt and it is a good candidate for inclusion in the AgriStack platform announced by the Central Government”.

“We are thrilled to continue our partnership with NABVENTURES on our journey to revolutionise the agriculture industry. We have put the power of advanced data analytics and remote sensing at the fingertips of our app users. Dr Sat Kumar, CEO of Satyukt, commented, “By leveraging these cutting-edge technologies, we enable agriculture stakeholders to access and utilise accurate, real-time data that can drive their decision-making processes and positively impact their operations.”

NABVENTURES Fund in which NABARD is an anchor investor, is the leading agri, food and rural tech VC fund in India with investments in Jai Kisan, Unnati, Vilcart etc. Mr. Rajesh Ranjan, CEO of NABVENTURES, remarked, “Satyukt Analytics is the only startup in India to measure nutrients in soil using satellite data. It is the only satellite data analytics startup, which works directly with farmers through its sat2farm app using a b2c approach while all other players have chosen the b2b2c route. Satyukt is a global SaaS in the making and has the best satellite data analytics and remote sensing team with advanced AI/ML capabilities. Satyukt’s sat2credit platform is a great product for inclusion in loan management systems (LMS) of digital lenders and fintechs”.

Dr. Yukti Gill, Managing Director of Satyukt, stated, “Satyukt Analytics is committed to being at the forefront of innovation, continually exploring new methods to improve the accessibility and usability of farm-scale data for the benefit of farmers and the agricultural sector as a whole”.

Equity 360’s Sumeet Seraf has advised and supported this transaction, stated, “Satyukt Analytics has gained significant traction since its inception, building a reputation for its accurate and timely analytics solutions. The company’s technology holds the potential to revolutionize agriculture by optimizing resource allocation, enabling precise irrigation and fertilization, and mitigating the impact of climate change on crop production.”

The fresh infusion of capital will enable