Components of Rashtriya Krishi Vikas Yojana (RKVY)
- An Overview of Entrepreneurship: There is a two-month orientation program with a monthly Rs stipend. 10,000. Mentorship is provided on a variety of financial, technological, and other topics during the orientation.
- Financing for the Seed Stage of R-ABI Incubatees: The funding in excess of Rs. 25 lakhs, of which 15 percent comes from the incubator and 85 percent is a loan. This will be delivered to all R-ABI incubators. These incubators must be Indian start-ups with at least two months of R-ABI experience and a local legal presence.
- Pre-Seed Stage Financing for Entrepreneurial Ideas: A Fund of Rs. 5 lakhs with 90% coming from grants and 10% from the incubator’s contribution. Except in north-eastern and mountainous states, where the sharing pattern is 90:10, RKVY-RAFTAAR would continue to be run as a Centrally Sponsored Program in a ratio of 60:40, which means that the government of India and the state participate proportionally. The payment is unconditional as a central share for UTs.
Rashtriya Krishi Vikas Yojana (RKVY)
The Rashtriya Krishi Vikas Yojana (RKVY) was established to support the expansion of the agricultural sector. Renamed Remunerative Approaches for Agricultural and Allied Sector Renewal (RAFTAAR) and carried out for three years until 2019–20, the first RKVY plan was introduced in 2007. The funding allotted for RAFTAAR was Rs. 15,722 crores. The Central Assistance Scheme was suggested by the National Development Council (NDC) at a meeting on May 29, 2007, to address the problem of agriculture and its related sectors’ slow growth and to develop agricultural strategies that can meet farmers’ needs (RKVY). This plan gave states the authority to plan and carry out investment initiatives in agriculture and related industries.