On 16th November,2020 HexGn and AFC India Ltd(formerly Agricultural Finance Corporation Ltd) signed a Memorandum of Understanding(MoU) for collaboratively promoting more than 1000 Agritech(Agricultural Technology) Startups in India in the next 5 year.
AFC, India anticipates to develop a united system to nurture, coach and develop agri-entrepreneurs to make a new self-reliant India.
About the Partnership:
i.AFC,India along with HexGn, seeks to handhold and build a community of entrepreneurs in the field of agri-tech, which creates enormous economic value and employment / self-employment opportunities.
ii.In order to enhance the capabilities and skills of first-generation technology entrepreneurs in the agri-tech domain, HexGn will host a series of programmes and initiatives. This is part of the partnership.
iii.The main areas of collaboration will facilitate the access to productive resources, finance, the market access for smallholder farmers and encourage diversification, introduce new technologies for farm mechanization; create a virtuous cycle of entrepreneurship, innovation, productivity, profits and self-reliance in the rural economic ecosystem among others.
Key Info about Agriculture and Agri-tech:
i.It is to be noted that in the last 2 years, the agri-tech sector has been developed with a 40% increase in the funds raised by Indian agri-tech ventures.
ii.As per the HexGn Agritech Startup funding report 2019, the Indian agri-tech organisation has given about USD 28 million total funding in 2019.
iii.The technology will transform agriculture(including its allied fields)and agri-trade in the next 10 years.
iv.This modernisation will impact 60 crore people or about 58% of the total population of India, those who depend on agriculture.
v.The small and incremental improvements in the farm-to-fork supply chain helps the small farmers in Indian villages.
Points to be Noted
- AFC, India is a Deemed Government Company under Section 139 (5) and 139 (7) of the Companies Act, 2013.
- It is a multi-disciplinary cross-functional development organization that offers consulting, advisory and implementation support for agriculture, rural development and other strategic socio-economic sectors in India.
Recent Related News:
On August 25, 2020, Agricultural and Processed Food Products Export Development Authority (APEDA), under the Ministry of Commerce and Industry, has signed two MoUs (Memorandum of Understanding) one each with AFC India Limited, and National Cooperative Union of India (NCUI), Delhi for working together in the interest of agriculture and allied sectors.
About AFC India Ltd(formerly Agricultural Finance Corporation Ltd):
Wholly Owned by– Commercial Banks, NABARD(National Bank for Agriculture and Rural Development) and Export-Import (EXIM) bank of India
Managing Director (MD)– B.Ganeshan
Headquarters– Mumbai, Maharashtra
Chief Executive Officer(CEO)– Jappreet Sethi