Name of the scheme: Farm Innovation & Promotion Fund (FIPF)
- To demonstrate bankability of new concepts in agriculture and farm sector.
- To extend support for developing proto-types and for further development to make it commercial.
- To support activities connected with market survey for potential assessment/ market acceptability for new agricultural products.
- To provide support for acquiring innovative technology from reputed research institutions and also for obtaining patents
- To provide extension support for marketing/ dissemination of knowledge relating to new products.
- To support innovations in IT to take knowledge in different spheres to the rural areas.
- To provide support on the analogy of venture capital for innovative ideas – technological and managerial (like supply chain management) in farm sector for further development.
- To support any activity which will further increase productivity, flow of credit, making knowledge available to the villages which could result in improved living standards for the rural poor.
- Should be in the context of economic and financial sector reforms and their orientation.
- May fall within the domain of agriculture and allied sectors only.
- Be innovative, experimental and demonstrative in nature leading to commercial viability.
- May involve development of new products, prototypes/ technology/ patenting/ extension support for technology, knowledge, information, marketing, etc.
- Should result in improvement or increase in farm productivity and or simplification in agricultural processes and practices. However, the same will not cover or include fundamental research.
- The proposals to lead to creation of sustainable employment opportunities (direct/ indirect) in agriculture and allied sector.
For more information regarding the scheme, visit here