Development Of Agriculture Sector
India is primarily an agricultural country. Agriculture makes up the major part of the country’s GDP. The Government of India keeps a close eye on this sector and provides the sector with funding schemes and grants for meeting the needs and requirements of the farmers. Incubations and impetus for the same are launched every now and then. The result of such schemes and funding programs results in better performance of the agriculture sector which adds up to the GDP. RKVY-RAFTAAR scheme is one incubation assistance that was launched as a solution for the recessive trend in the Agriculture sector.
What is RKVY-RAFTAAR Scheme?
RKVY-RAFTAAR for The Rashtriya Krishi Vikas Yojana – Remunerative Approaches for Agriculture and Allied Sector Rejuvenation, was to be implemented for three consecutive years – 2017-2018 to 2019-2020. RKVY-RAFTAAR was launched in 2018 after being revised. RKVY-RAFTAAR agribusiness incubation scheme aims at agricultural infrastructure and facilities.
The RKVY-RAFTAAR scheme supports the growth of the Agripreneurship and Agribusiness ecosystem. It provides mentoring support and financial assistance to startups in the agriculture sector. It provides loans as financial assistance for the initiation and growth of new agribusiness incubators. These agribusiness incubators are reinforced as R-ABIs with resources like infrastructure, tools and equipment and manpower. These will generate agripreneur applications for various stages of business development, providing them with an opportunity to create innovations for the agricultural sector for the betterment of productivity and efficiency through tech based solutions and services.
Objectives of RKVY-RAFTAAR
The main objective of RKVY-RAFTAAR revolves around the betterment of the farming sector and transforming it to become one of the main economic activities of the nation.
● It promotes activities around entrepreneurship, innovation and business development in the agricultural sector. This would happen through skill development, elevating the technology and building better capacity.
● To generate employment opportunities in rural areas.
● The states should be provided with autonomy and flexibility in planning for their local areas.
● Risk reduction for the farmers by inculcating various measures.
● Promotion of agri-entrepreneurs by strengthening agricultural infrastructure.
● Youth empowerment by skill development and innovation of agricultural businesses for the empowerment of agri-startups ecosystems.
● Facilitation of various services including legal, financial and regulatory compliance related to the agri-sector.
● Meeting the local and global agribusiness challenges with more
Targeted Sectors Of RKVY-RAFTAAR Scheme
● Crop Cultivation
● Animal husbandry
● Dairy Development
● Agricultural Research & Education
● Agricultural Marketing
● Food Storage
● Soil and Water Conservation
● Agricultural Financial Institution
● Agricultural Cooperation
Sub-schemes under RKVY-RAFTAAR Scheme
● Bringing Green Revolution to Eastern India (BGREI)
● Crop Diversification Programme (CDP)
● Reclamation of Problem Soil (RPS)
● Accelerated Fodder Development Programme (AFDP)
● National Saffron Mission
What Happened Next?
The Financial allocation ratio of the financial center and states share expenditure is 60:40 and the one between North Eastern States and Himalayan States is 90:10. The financial assistance provided to the recipient under this component is for 2019-20. Maximum ceiling of Rs.200 Lakhs is put up to be provided for the eligible agribusiness incubators. This includes all the capital and operational expenses as per the rules applicable according to the RKVY-RAFTAAR guidelines.
Already 112 startups are funded for a sum of Rs. 1185.90 Lakhs and 234 startups are lined up next to be funded from the sum of Rs. 2485.85 Lakhs in the year 2020-21 by the Ministry of Agriculture under the RKVY scheme. RKVY subsidy scheme has disbursed Rs. 1034.21 crores to the states in the year 2021-22 and 286 projects approved from the States for implementation in the same year.
How To Avail Benefits Of Such Government Grants And Funding?
The agribusiness owners and agri-incubators must be thinking about how generously the government has provided under the RKVY-RAFTAAR scheme after reading about the latest developments. It’s not too late yet, the Government schedules and launches such schemes for grants and funds quite frequently. Hence, you can apply to these schemes as per your eligibility and need.
Egniol Services supports this venture of the government and we urge the agricultural sector to apply for this scheme. We, at Egniol Services, provide complete consultation for the application process for all government grant and funding schemes. Our experts provide you with consultation regarding all the necessary documentation and requirements needed during the application process. To know more about Government grants and funding, contact Egniol Services today.