UPSC Exam > UPSC Notes > Current Affairs & Hindu Analysis: Daily, Weekly & Monthly > PIB Summary- 13th July, 2024
PIB Summary- 13th July, 2024 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download
AgriSURE
Context
The Government to soon launch an ‘Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE) to provide support to Startup and Agripreneurs.
Introduction to AgriSURE Initiative
The Government of India is set to launch the ‘Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE) aimed at bolstering innovation and sustainability in the agricultural sector. This initiative seeks to support start-ups and agripreneurs through investments in sector-specific and sector-agnostic Alternative Investment Funds (AIFs), as well as direct equity assistance.
Key Details of AgriSURE
- Fund Allocation: AgriSURE will be established with an initial corpus of ₹750 crore, comprising contributions from NABARD, the Ministry of Agriculture, and other institutional stakeholders.
- Fund Structure: It will operate as a Category-II Alternative Investment Fund (AIF), providing both equity and debt support. The fund targets high-risk, high-impact activities across the agriculture value chain.
- Launch Event: The announcement was made at a stakeholder meet at NABARD Headquarters in Mumbai. Key attendees included financial institutions, investors, AIF managers, and agri-startups.
Objectives and Focus Areas
Objectives: Foster an ecosystem that enhances financing opportunities for the agriculture sector, particularly benefiting small and marginal farmers.
Focus Areas:
- Innovation in agriculture technologies.
- Strengthening the farm produce value chain.
- Developing rural infrastructure.
- Creating employment opportunities.
- Supporting Farmers Producer Organizations (FPOs).
Specific Initiatives:
- Encouraging IT-based solutions for agriculture.
- Promoting machinery rental services for farmers.
Management and Operations
- Fund Manager: NABVENTURES, a wholly-owned subsidiary of NABARD, will manage AgriSURE.
- Duration: The fund is designed to operate for 10 years, extendable by two or more years as needed.
AgriSURE Greenathon 2024
- Purpose: Launched alongside the fund, the AgriSURE Greenathon 2024 is a hackathon aimed at addressing critical challenges in agriculture through innovative solutions.
- Themes:
- Smart Agriculture on a Budget: Overcoming cost barriers to advanced agriculture technologies.
- Turning Agri-Waste into Profit: Transforming agricultural waste into profitable ventures.
- Tech Solutions for Regenerative Agriculture: Promoting economically viable regenerative agriculture practices.
- Call to Action: NABARD invites participation from young innovators to contribute towards advancing India’s agricultural sector under the theme of ‘Viksit Bharat’.
Conclusion
AgriSURE represents a significant step towards enhancing agricultural innovation and sustainability in India. By fostering public-private collaboration and supporting disruptive solutions, the initiative aims to catalyze transformative growth in the agriculture sector, benefitting farmers and stakeholders across the country.
Question for PIB Summary- 13th July, 2024Try yourself: Which organization will manage the AgriSURE fund?View Solution
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FAQs on PIB Summary- 13th July, 2024 - Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC
| 1. What is AgriSUREPIB? |  |
Ans. AgriSUREPIB is an insurance program designed to provide financial protection to farmers against various risks such as crop failure, natural disasters, and price fluctuations in the agricultural sector.
| 2. How can farmers enroll in AgriSUREPIB? | |
Ans. Farmers can enroll in the AgriSUREPIB program by contacting their local agricultural insurance agency or government office that administers the program. They will need to provide details about their farm, crops, and desired coverage.
| 3. What are the benefits of AgriSUREPIB for farmers? | |
Ans. The benefits of AgriSUREPIB for farmers include financial compensation in case of crop failure, protection against natural disasters, stability in income due to price fluctuations, and access to support services for farming practices.
| 4. Is AgriSUREPIB available for all types of crops? | |
Ans. AgriSUREPIB typically covers a wide range of crops, including staple crops, fruits, vegetables, and cash crops. However, the availability of coverage may vary depending on the region and specific terms of the insurance program.
| 5. How does AgriSUREPIB contribute to the overall agricultural sector? | |
Ans. AgriSUREPIB plays a crucial role in promoting stability and sustainability in the agricultural sector by providing risk mitigation for farmers, encouraging investment in agriculture, and ensuring food security for the population.
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