Rural startups are making a strong pitch for new programmes to foster research and innovation, as the grassroots-level entrepreneurs seek support for streamlined supply chains, subsidies, improved infrastructure, and easy access to finance.
As the Budget and the Lok Sabha elections draw closer, startups working in various sectors, especially in smaller towns and villages, said they expect the government to look at various teething issues, even as their “overall performance has improved owing to various policy changes in the past couple of years”.
“India’s food processing industry faces a number of difficulties such as outdated equipment, ineffective supply chains, poor infrastructure, and restricted finance availability. We expect the government to help us connect with global supply chains so that we can export our products to international markets,” Pardeep Kumar Yadav, Founder of Krini Spices, told PTI.
Krini Spices, which was founded in March 2017, has 22 direct and over 100 indirect employees, and posted Rs 4.19 crore revenue in 2022-23.
“We have high expectations from the Agriculture Accelerator Fund (AAF) to support young entrepreneurs in rural areas who are starting agri-based startups. We hope that the finance minister allocates additional funding in the upcoming Budget,” he said.
Various startups in their Budget wishlist sought easing of export mechanisms. The government will present a vote on account in Parliament next month and the full Budget will be presented by the new government after the general polls.
Arun Awatade, Founder of Pune-based Iris Polymers, which manufactures agricultural films and industrial packaging films, said the government can help the segment in connecting with international supply and sales chains so that importing raw materials and exporting finished products become easier.
“According to a research forecast, the global market for mulching materials was estimated to be worth USD 3.82 billion in 2022 and is projected to rise at a Compound Annual Growth Rate (CAGR) of 7.6 per cent to USD 7.96 billion by 2032.
