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Rashtriya Krishi Vikas Yojana was initiated in 2007 as an umbrella scheme for ensuring holistic development of agriculture and allied services. The scheme incentivises States in order to increase public investment in agriculture and allied services. The National Development Council (NDC) being concerned by the slow growth in the Agriculture and allied services launched this scheme. The scheme was implemented as an Additional Central Assistance to State Plan Scheme with 100% Central assistance. Since 2015-16, the funding pattern has been altered in the ratio of 60:40 between Centre and State.
As of 1st November 2017, the Government has approved for the continuation of the ongoing Centrally Sponsored Scheme (State Plans) and revamped Rashtriya Krishi Vikas Yojana as Rashtriya Krishi Vikas Yojana - Remunerative Approaches for Agriculture and Allied Sector Rejuvenation (RKVY - RAFTAAR)
Ministry of Agriculture & Farmers Welfare sanctioned the establishment of RKVY- RAFTAAR Agri-Business Incubator (R-ABI) at the Indian Institute of Technology (BHU) Varanasi. This scheme aims at promoting agripreneurship and agribusiness by providing financial support and nurturing the incubation ecosystem. This was a new component in the revamped scheme RKVY-RAFTAAR in 2018-19.
Under this scheme, both the new and old incubators will be established/strengthened as R-ABIs with need-based infrastructure, manpower and equipment. These incubators will, in turn invite agripreneurs through the various phases of the business life cycle and render them an opportunity to generate innovations in agriculture and allied services. The innovations can be in the field of technology, process, products or services which will enhance efficiency in agriculture and allied services.
The Ministry of Agriculture is funding startups under the innovation and agriprenurship component of RKVY in 2020-21. The startups can belong to various industries like agro-processing, digital agriculture, farm mechanism, fisheries, dairy, artificial intelligence etc.
An orientation of 2 months, with a stipend of Rs.10,000 per month, is offered. The orientation provides mentorship on various financial, technical and other issues.
Seed Stage Funding of R-ABI Incubatees
Funding up to Rs.25 lakhs (85% is a grant and 15% is the contribution from the incubatee). This will be provided to all incubatees of R-ABI. These incubatees must be Indian start-ups and must be registered legal entity in India with a minimum of two months of residency at R-ABI.
Idea/Pre-Seed Stage Funding of Agripreneurs
Funding up to 5 lakhs (90% is a grant and 10% is the contribution from the incubatee). RKVY-RAFTAAR will persist to be implemented as a Centrally Sponsored Scheme in the ratio 60: 40 i.e., the government of India and state share respectively, except in the case of northeastern and hilly states where the sharing pattern is 90:10. For UTs, the grant is 100% as a Central share.