There
has been about 54% rise in the incorporation of new agri-businesses in 2020, since June, Hindustan Times reported quoting Ministry of Corporate Affairs’ data. The agri-businesses are leading a revival in new businesses set up this year, with the sector leading the growth of new incorporation following those in the manufacturing sector.
New agricultural firms registered as companies and limited liability partnerships in 2020, rose by 53.6%, from 5,104 to 7,840, the highest in five years, the Ministry’s data showed.
The
report further states firms established in the farm sector to have overtaken
those in the construction, finance and ‘others’ categories.
Also read: ‘Fight not against government but black laws’, Vijender Singh distributes food to protesting farmers
Also, the registrations under the broader ‘agriculture and allied activities’ category have increased by 35%.
According to separate data from the Ministry of Agriculture and Farmers’ Welfare, entrepreneurs are borrowing steadily from the Rs1 lakh-crore Agriculture Infrastructure Fund, which was a part of the larger COVID-19 stimulus package.
Investors have so far borrowed Rs 1,566 crore from the fund, Hindustan Times reported quoting Agriculture Ministry’s data. The data showed a preference for investments in the post-harvest facilities, such as warehouses, cold chains, food grading-cum-sorting units and processing units.
The Centre enacted three farm laws in September during the Monsoon Session of Parliament, which have sparked intense farmers’ protests in north India.
