In a significant move to bolster the agribusiness sector in Assam, NEATEHUB, the agribusiness incubator of Assam Agricultural University, has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI).
NEATEHUB and State Bank of India Forge Partnership
This strategic partnership aims to provide enhanced support and services to agripreneurs and agristartups, fostering sustainable growth and innovation in agriculture. The MoU was signed at NEATEHUB’s learning centre on May 22, 2024, marking a new chapter in the region’s agricultural development.
The signing ceremony witnessed the presence of prominent officials from both organizations. Leading the SBI delegation was Mr. S Subramanian, Deputy General Manager of SBI’s Agri-Business Unit at the Local Head Office in Guwahati, and Mr. David N. Lhouvum, Regional Manager at the SBI Regional Office in Jorhat, accompanied by other esteemed officials. Representing NEATEHUB were its CEO, Dr. K. Karthikeyen, Dr. Danish Tamuly, and several key incubator officials. Established in 2018, NEATEHUB has been instrumental in strengthening the agribusiness ecosystem in Assam, mentoring nearly 200 startups and disbursing over four crores in grants-in-aid.
Enhancing Support for Agri Entrepreneurs
The MoU delineates the roles and responsibilities of NEATEHUB and SBI in supporting sustainable agriculture and related activities. One of the primary objectives is to provide hassle-free financing to eligible agripreneurs trained by NEATEHUB. By facilitating access to capital, this partnership aims to empower emerging high-tech agricultural activities, addressing the needs and challenges faced by agripreneurs.
Dr. K. Karthikeyen, CEO of NEATEHUB, emphasized the importance of this collaboration, stating, “This MoU with SBI is a significant step towards enhancing the support system for agripreneurs in Assam. By leveraging SBI’s financial expertise and our incubation capabilities, we can create a robust ecosystem that nurtures innovation and sustainable growth in agriculture.”
Mr. S Subramanian, Deputy General Manager of SBI, echoed these sentiments, adding, “Our partnership with NEATEHUB is aligned with SBI’s commitment to promoting sustainable agriculture. Through this collaboration, we aim to provide comprehensive financial solutions and support to agripreneurs, helping them achieve their business goals and contribute to the region’s economic development.”
Key Areas of Focus
The partnership between NEATEHUB and SBI is set to focus on several critical areas to drive the growth of the agribusiness sector. These include:
- Mentoring and Capacity Building: Both organizations will work together to provide mentorship and capacity-building programs for agripreneurs. This will involve training sessions, workshops, and hands-on guidance to equip them with the necessary skills and knowledge to succeed in their ventures.
- Networking and Advisory Support: NEATEHUB and SBI will facilitate networking opportunities for agripreneurs, connecting them with industry experts, potential investors, and other stakeholders. Additionally, advisory support in areas such as business planning, market analysis, and financial management will be provided.
- Financial Literacy and Credit Counseling: Recognizing the importance of financial literacy, SBI will play a crucial role in disseminating information on general banking practices, credit counseling, and financial management. This will help agripreneurs make informed decisions and effectively manage their finances.
- High-Tech Agricultural Activities: The partnership aims to promote high-tech agricultural activities by providing financial and technical support to agripreneurs. This includes the adoption of advanced technologies such as precision farming, hydroponics, and sustainable agricultural practices.
A Promising Future for Agribusiness
Looking ahead, the collaboration between NEATEHUB and SBI holds immense potential to transform the agribusiness landscape in Assam. The support and resources provided through this partnership are expected to drive innovation, enhance productivity, and create new opportunities for agripreneurs.
One of the key aspects of this collaboration is the focus on emerging high-tech agricultural activities. With the global agricultural sector increasingly leaning towards technology-driven solutions, this partnership aims to position Assam as a leader in adopting and implementing advanced agricultural practices. By supporting agripreneurs in exploring and leveraging these technologies, NEATEHUB and SBI are paving the way for a more efficient and sustainable agricultural ecosystem.
The MoU also highlights the importance of addressing areas of improvement among agripreneurs. By identifying challenges and providing targeted support, NEATEHUB and SBI can help agripreneurs overcome obstacles and achieve long-term success. This includes addressing issues related to market access, supply chain management, and operational efficiency.
A Foundation for Continued Collaboration
The signing of the MoU marks the beginning of a strategic partnership that is expected to evolve and expand over time. Both NEATEHUB and SBI are committed to exploring additional avenues of collaboration, including joint initiatives, research projects, and community outreach programs.
Dr. Danish Tamuly, a key official at NEATEHUB, expressed optimism about the future of this partnership, stating, “This MoU is just the starting point. We envision a long-term collaboration with SBI that will continually adapt to the evolving needs of the agribusiness sector. Together, we can create a dynamic and supportive environment for agripreneurs in Assam.”
Similarly, Mr. David N. Lhouvum, Regional Manager at SBI, highlighted the potential for future initiatives, saying, “We are excited about the opportunities this partnership presents. By working closely with NEATEHUB, we can identify and implement innovative solutions that address the specific needs of agripreneurs. This will not only benefit individual entrepreneurs but also contribute to the overall development of the agricultural sector in Assam.”
Conclusion
The MoU between NEATEHUB and the State Bank of India represents a significant milestone in the efforts to enhance the agribusiness ecosystem in Assam. By combining NEATEHUB’s expertise in incubation and mentorship with SBI’s financial acumen and resources, this partnership is poised to drive sustainable growth and innovation in agriculture.
As NEATEHUB and SBI embark on this collaborative journey, the agripreneurs of Assam can look forward to a future filled with new opportunities and support. This partnership serves as a testament to the power of collaboration in fostering economic development and creating a thriving, sustainable agribusiness sector. With a shared vision and commitment to excellence, NEATEHUB and SBI are set to make a lasting impact on the agricultural landscape of Assam.
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