 "Cooperatives will have big share in targeted $5 trn Indian economy: Shah")
Union Minister Amit Shah on Wednesday said the aim is to ensure the cooperative sector has a big share in the Indian economy, which is projected to be $5 trillion by FY28, as the cooperative movement did not grow at the desired pace in the last 75 years.
Shah, the Union Cooperation Minister, was addressing after inaugurating the new office of Central Registrar of Cooperative Societies (CRCS) spread over 41,000 square feet at the World Trade Centre, Nauroji Nagar in South Delhi. The building has been developed by state-owned NBCC.
Shah said the new office has been acquired for Rs 175 crore.
The minister highlighted that the government has taken 60 major initiatives in the last 30 months for the growth of the cooperative movement. The Cooperation Ministry was set up in July 2021.
Shah said there are success stories of cooperatives since independence but the sector did not grow at a fast pace.
"Now we have decided that in Modiji's $5 trillion economy, cooperatives will have a big share and the cooperative sector will advance into the 21st century directly from the 19th century," Shah said.
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To strengthen the cooperative movement, the minister highlighted that the government has amended The Multi-State Co-operative Societies Act and brought model bye-laws to strengthen PACS (Primary Agricultural Credit Societies) and scheme to undertake computerisation of PACS.
He said the government has set a target to establish 2 lakh multipurpose PACS/ Dairy/ Fishery Cooperatives in the next five years and informed that 12,000 new PACS have been formed.
Shah stressed the need to open more banks in the co-operative sector and asked multi-state credit societies to convert themselves into banks.
He highlighted that the registration of multi-state co-operative societies stood at 102 in 2023, a 10-fold jump from 10 in 2020.
Shah also highlighted IFFCO's new innovative products nano liquid urea and nano liquid DAP (di-ammonium phosphate) and expected the demand for these products will pick up in the coming years. He said PACS are providing drones to farmers to spray nano urea and nano DAP.