Economy and Finance
What does the scheme RKVY-RAFTAAR implies?
- Rashtriya Krishi Vikas Yojana - Remunerative Approaches for Agriculture and Allied Sectors Rejuvenation (RKVY-RAFTAAR) is a flagship scheme of Ministry of Agriculture and Farmers’ Welfare and Government of India.
- RKVY scheme was launched in the year 2007, which was later rebranded as RAFTAAR.
- It is aimed at strengthening infrastructure in agriculture and allied sectors by building Agripreneurship and Agri-business ecosystem in the country, facilitating financial aid to potential Agristartups and nurturing a system of business incubation.
- The main objective of this scheme is to develop farming as the main source of economic activity. Some of the objectives also include:
- Risk mitigation, strengthening the efforts of the farmers along with promoting agri-business entrepreneurship through the creation of agri-infrastructure.
- Providing all the states with autonomy and flexibility in making plans as per their local needs.
- Helping farmers in increasing their income by encouraging productivity and promoting value chain addition linked production models.
- To reduce the risk of farmers by focusing on increasing the income generation through mushroom cultivation, integrated farming, floriculture, etc.
- Empowering the youth through various skill development, innovation, and agri-business models.
- The RKVY – RAFTAAR covers all the major sectors of the country which include:
- Crop Cultivation and Horticulture
- Animal Husbandry and Fisheries
- Dairy Development, Agricultural Research and Education
- Forestry and Wildlife
- Plantation and Agricultural Marketing
- Food Storage and Warehousing
- Soil and Water Conservation
- Agricultural Financial Institutions, other Agricultural Programmes and Cooperation.
- Under the Innovation and Agri-entrepreneurship Development Programme of the scheme, the following are the components:
- Agripreneurship Orientation – 2 months duration with a monthly stipend of Rs. 10,000/- per month. Mentorship is provided on financial, technical, IP issues etc.
- Seed Stage Funding of R-ABI Incubatees – Funding upto Rs. 25 lakhs (85% grant & 15% contribution from the incubatee).
- Idea/Pre-Seed Stage Funding of Agripreneurs – Funding up to Rs. 5 lakhs (90% grant and 10% contribution from the incubatee).
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