Nourishing global dreams through agritech

Welcome to the next issue of the agribazaar newsletter!??

The Hon'ble Finance Minister, Shrimati Nirmala Sitharaman, on February 1, 2023, announced the Union Budget. Many initiatives were also announced and will roll out this year. Many regard the budget as one that would assert India's strong position in the world.

The Ministry gave technology the necessary impetus, and some of the initiatives announced were pro-agriculture. We shed light on a few of them in the spotlight section. We also examine how the budget affects the typical farmer/trader.

In The Spotlight

The budget provided some initiatives that would keep the momentum high in agriculture. Most importantly, the government encouraged technology to improve farmer incomes. Let's take a look at some of the notable mentions of the budget:

1. Agriculture Credit Target increased to 20 Lac Crores
2. Promoting the Millet economy
3. Particular focus on encouraging the role of technology in agriculture
4. 30 centers to be opened across India for skill-based education, especially in AI, Machine Learning, and other technical skills
5. The government will set up 100 labs in engineering colleges for developing 5G applications. A separate stimulus for agritech solutions
6. 3 centers of excellence to be set up in top educational institutions for AI
7. Agriculture accelerator fund for start-ups in rural areas
8. Plans to set up a sizeable de-centralized storage capacity
9. 10,000 bio-input centers to be made to encourage natural farming
10. The government launched the PM-PRANAM scheme to bring down the use of chemical fertilizers

Tech Showcase

We have embedded applications that provide a secure and convenient ecosystem for a farmer’s financial needs. By democratizing financial services, we envision an environment where agriculturists are free from financial burdens. Our offerings, including the Kisan Safalta Card, Crop Insurance, and Agri Banking, ensure maximum benefits to farmers.

Know More.

Customer Speak

I'm Mukesh Kumar Nagar from Kota, Rajasthan. Previously, I used to sell yields in the local market (Mandi). Around 8 to 10 buyers would come to purchase the goods and then sell them further. This exercise would take time. Moreover, the local market was nearly 25 to 30 km. away and used to take a long time to reach. Purchasers would discount almost 20% of the goods. agribazaar provides services like information about prices, buyers, and other related details. The platform allowed us to get reasonable prices for our crop. I benefitted a lot from using the agribazaar platform.

Media

A reputed publication carried an article on the many benefits of the recently announced Union Budget 2023. Our CEO, Mr. Amith Agarwal , was asked about his opinion on the budget. In his assessment, he acknowledged the announcement and welcomed the government’s initiatives for endorsing the growth of agriculture and agritech. He mentioned how agriculture and aquaculture would continue to grow due to government initiatives.

Read More.

Industry Updates

The government has given a much-anticipated boost to agritech through several initiatives benefiting the agricultural sector. The previous year's budget announcements included the term agritech. This year, the government has added to the stimulus by extending support to agritech. The Union Budget announced a host of new provisions to fuel the agritech aspirations. Primarily, the computerization of over 63,000 agricultural credit societies and emphasis on creating a digital infrastructure took precedence.

Read More.

Making It Count

Trust the choice of lakhs of farmers and traders, and handle your trades with our easy and convenient platform?agribazaar.com ?

Crossed?Rs 50,000 Cr ($6.1 B) GMV?since Inception

INR 26 Bn+?successful transactions

65000+?total registered clients

12.7 Million+ MT?volume of business

Every farmer transaction is?Profitable

FAQs

Q: How do I know if my payment is secured as a seller?

A: agribazaar makes it mandatory for buyers to submit 100% of the estimated trade value with the agribazaar settlement account before lifting the commodity. Hence, the seller is completely secure about receiving the payments.

Read More.

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