Cooperative sector instrumental in shaping a resilient economy: PM Modi

New Delhi [India], February 24 (ANI): Prime Minister Narendra Modi outlined the role of the cooperative sector in shaping the economy of the country while launching multiple key initiatives in the sector at Bharat Mandapam in Delhi on Saturday.

“Today, Bharat Mandapam is becoming a witness to another major accomplishment in the Amrit Yatra of Viksit Bharat. We are going ahead in realising this resolution of ‘Sahakar se Samridhi’ taken by the country. In strengthening the foundation of agriculture and farming, the power of cooperation plays a very big role,” PM Modi said while addressing a gathering at Bharat Mandapam.

“The cooperative sector is instrumental in shaping a resilient economy and propelling the development of rural areas. Sahkarita is not just a system, but also a feeling and a spirit!” he added.

“It can transform a simple subsistence system into a huge industrial capacity! This is a proven way of rejuvenating the country’s economy, especially the rural and agricultural economy,” the Prime Minister said.

Modernization of India’s agricultural systems is equally important for a developed India, he said.

“We had a target of establishing 10,000 Farmers Producers Organisations (FPOs) in the country. And I am glad to state that today, 8,000 FPOs have already been established. Today, the success stories of our FPOs are being discussed even beyond the country’s borders,” PM Modi said.

PM Modi highlighted the introduction of Primary Agriculture Cooperative Credit Societies (PACS) in agriculture to benefit the farmers.

“Along with making new arrangements in the agriculture sector, we are also preparing cooperative institutions like PACS for new roles. All of these give will a new expansion to agriculture infrastructure in the country and connect agriculture to modern technology,” he said.

The Prime Minister also emphasised the steps taken towards women empowerment in the sector.

Today in the country too, farmers are involved in cooperatives in dairy and agriculture, among them crores of women are women. Seeing this potential of women, the government has also given them priority in policies related to cooperation,” PM Modi said.

“Recently, reforms have been brought in the multi-state cooperative society act. Under this, it has been made mandatory to have a woman director in the ward of multi-state cooperative society,” the Prime Minister said.

“In our country, if the Nari Shakti Vandan Act is passed in the Parliament, there is a big discussion. But we have made this important law of equal strength, but very few people talk about it,” he remarked.

PM Modi further asserted the government’s target to establish two lakh Sahkari Samitis in the next five years.

“Cooperation is transforming the fisheries sector too. Today, over 25,000 cooperative units are working in the fisheries sector. Our government’s target is to establish 2 lakh ‘Sahkari Samitis’ in the next 5 years. And a big part of this would belong to the fisheries sector,” he said.

Earlier in the day, PM Modi inaugurated the pilot project of ‘World’s Largest Grain Storage Plan in Cooperative Sector’, which is being done in 11 Primary Agricultural Credit Societies (PACS) of 11 States.

During the occasion, PM Modi laid the foundation stone for an additional 500 PACS across the country for the construction of godowns and other agri infrastructure under this initiative.

This initiative aims to seamlessly integrate PACS godowns with the food grain supply chain, fortifying food security and fostering economic development in the country with a collaborative effort supported by NABARD and spearheaded by the National Cooperative Development Corporation (NCDC).

This initiative is being implemented through the convergence of various existing schemes like the Agriculture Infrastructure Fund (AIF), Agriculture Marketing Infrastructure (AMI), etc. to enable PACS participating in the project to avail subsidies and interest subvention benefits for undertaking infrastructure development.

Speaking on occasion, Union Minister for Cooperation and Home, Amit Shah thanked the Prime Minister for facilitating investments to strengthen PACS.

“To strengthen PACS, PM Modi ji has invested Rs 2,500 crores. I thank Modi ji for this. Today 18 thousand PACS are being launched. Along with this, the world’s largest grain storage scheme is also being started,” Shah said.

The Prime Minister also inaugurated a project for computerization in 18,000 PACS across the country, aligning with the government’s vision of “Sahakar se Samridhi” aimed at rejuvenating the cooperative sector and empowering small and marginal farmers.

The monumental project has been approved with a financial outlay of more than Rs 2,500 crore.

This initiative involves transitioning all functional PACS onto a unified Enterprise Resource Planning (ERP) based national software, ensuring seamless integration and connectivity. By linking these PACS with NABARD through State Cooperative Banks and District Central Cooperative Banks, the project aims to enhance the operation efficiency and governance of PACS, thus benefiting crores of small and marginal farmers. NABARD has developed the National Level Common Software for this project, tailored to meet the diverse needs of PACS across the country.

The onboarding of 18,000 PACS on ERP software has been completed, marking a significant milestone in the project’s implementation.

Shah hailed PM Modi for ‘transforming’ the Cooperative sector.

“There was a long-standing demand from governments of various parties that a separate ministry for cooperation should be established. But unfortunately, for years, no one paid attention to this concern, no one cared to address this. But when PM Modi Ji took command, he transformed this very field,” Shah said.

“He fulfilled the long-cherished dream of the cooperative sector and created a separate Ministry for the same,” he added.

The event was also attended by Union Ministers Piyush Goyal and Arjun Munda.