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News: The Ministry of Agriculture has been funding start-ups under the innovation and agri entrepreneurship component of Rashtriya Krishi Vikas Yojana in 2020-21.
Facts:
- Innovation and Agri-entrepreneurship Development programme: It is a component launched under Rashtriya Krishi Vikas Yojana in order to promote innovation and agri entrepreneurship by providing financial support and nurturing the incubation ecosystem.
Additional Facts:
- Rashtriya Krishi Vikas Yojana- Remunerative Approaches for Agriculture and Allied sector Rejuvenation(RKVY-RAFTAAR): It was launched in 2007 to ensure holistic development of agriculture and allied sectors.
- Objective: To make farming a remunerative economic activity through strengthening the farmers effort, risk mitigation and promoting agri-business entrepreneurship.
- Approach: It allows states to choose their own agriculture and allied sector development activities as per the district/state agriculture plan.
- Funding: It is a Centrally Sponsored Scheme with funds to be provided to the States as 60:40 grants between Centre and States (90:10 for North Eastern States and Himalayan States).For Union Territories the funding pattern is 100 % central grant.
