Huge opportunities exists for startups to promote growth of agri sector: Prabhu

Commerce and Industry Minister Suresh Prabhu Friday said innovation in agri sector was important for reducing wastage, increase production, and cutting fertiliser use to enhance soil fertility.

He said that huge opportunities exists for startups in agri sector to promote the growth of the segment.

"We are promoting innovation in agri sector," he said adding that changing climate would pose serious challenges to the sector and startups can look at these areas and come up with innovative solutions.

"Innovation and new ideas by startups can play a major role in the sector," the minister said.

He also informed that the ministry will be holding a meeting of global funds and startups here on December 7.

"We are working on a comprehensive strategy to promote startups," he said.

On January 2016, Prime Minister Narendra Modi unveiled several incentives to boost startups, offering them a tax holiday, inspector raj-free regime and capital gains tax exemption as part of the startup action plan.

(With inputs from agencies.)