Prime Minister launched Initiatives for Cooperative sector | Current Affairs | Vision IAS
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    Prime Minister launched Initiatives for Cooperative sector

    Posted 26 Feb 2024

    Updated 27 Mar 2024

    2 min read

    • Key initiatives includes
      • Pilot project for ‘World’s Largest Grain Storage Plan’ in Cooperative Sector: It spans 11 Primary Agricultural Credit Societies (PACS) in 11 States. 
        • Project aims to integrate PACS godowns into food grain supply chain, enhancing food security and economic development.
        • It is supported by National Bank for Agriculture and Rural Development (NABARD) and led by National Cooperative Development Corporation.
        • It is implemented through convergence of existing schemes like Agriculture Infrastructure Fund, Agriculture Marketing Infrastructure, etc. to enable PACS participation in project to avail subsidies and interest subvention benefits for infrastructure development. 
      • Expansion of PACS: Additional 500 PACS across country will facilitate construction of godowns and other agricultural infrastructure.
      • Computerization of 18,000 PACS to modernize farming, and empower small and marginal farmers.

     

    • Co-operative society 
      • It is a voluntary association of individuals having common needs who join hands for achievement of common economic interests.
      • Among 300 largest cooperative societies of world, three societies of India namely Amul, Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Krishak Bharati Cooperative Limited (KRIBHCO) are included. 

     

    About PACS

    • Village level cooperative credit societies that serve as last link in three-tier cooperative credit structure headed by State Cooperative Banks.
    • PACS provide short term and medium term agriculture loans to farmers.

     

    Steps taken to promote Co-operatives Societies

    • Separate Ministry of Cooperation.
    • ‘Sahkaar se Samriddhi’ scheme.
    • 97th (Amendment) Act, 2011 granted constitutional status to Cooperative Societies.
    • It inserted Part IX B ‘The Cooperative Societies’, Article 43B in Part IV as Directive Principle of State Policy for promotion of cooperative societies.
    • Tags :
    • Cooperative sector
    • National Bank for Agriculture and Rural Development (NABARD)
    • National Cooperative Development Corporation
    • Pilot project for ‘World’s Largest Grain Storage Plan
    • Computerization of 18,000 PACS
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