Context: On its 43rd foundation day, the National Bank for Agriculture and Rural Development (NABARD) announced the ‘Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE) fund
AgriSURE Fund:
- Objective: The initiative aims to establish a Rs 750 crore Category-II Alternative Investment Fund (AIF) to support start-ups and rural enterprises.
- Funding: NABARD and the Agriculture Ministry will each contribute Rs 250 crore, with the remaining funds coming from other institutions.
- Management: The fund will be managed by NABVENTURES, a wholly-owned subsidiary of NABARD.
- Duration: The fund is designed to operate for ten years, with a possible extension of two or more years.
- Scope: It plans to support around 85 start-ups with investment sizes of up to Rs 25 crore each.
- Support: The fund will offer both equity and debt support, explicitly targeting high-risk, high-impact activities in the agriculture value chain.
AgriSURE Greenathon 2024:
- Purpose: The hackathon by NABARD aims to address the high costs of advanced agricultural technologies under the theme “Smart Agriculture on a Budget”.
- Focus Areas: Other key areas include “Turning Agri-Waste into Profitable Business Opportunities” and “Tech Solutions Making Regenerative Agriculture Remunerative”.
National Bank for Agriculture and Rural Development (NABARD):
- Establishment: NABARD was established in 1982 under an Act of Parliament, based on the recommendations of the B. Sivaraman Committee.
- Functions Transferred: It took over the agricultural credit functions of the RBI and the refinance functions of the then-Agricultural Refinance and Development Corporation (ARDC).
- Mission: NABARD’s mission is to promote sustainable and equitable agriculture and rural development through financial and non-financial interventions, innovations, technology, and institutional development.