: Govt to develop national database on cooperatives #FinanceIndia #StockMarketNEWS Govt to develop national database on cooperatives New Delhi, 24 Dec (KNN) The Centre has decided to develop a national

@StockMarketNEWS Tue 28 Dec, 2021

Posted in: #FinanceIndia #StockMarketNEWS

Govt to develop national database on cooperatives #FinanceIndia #StockMarketNEWS
Govt to develop national database on cooperatives New Delhi, 24 Dec (KNN) The Centre has decided to develop a national database of cooperatives that will help in better implementation of the proposed national policy on cooperatives, Cooperation Secretary D K Singh said on Thursday. "Many people ask how many cooperatives are operating in the country and their sector-wise presence. We have some data but it is not scientific," the Secretary told PTI on the sidelines of an event organized by a digital platform Rural Voice.

Union home minister Amit Shah, who is also minister of cooperation, on Sunday, announced that the Centre will soon unveil a new comprehensive cooperative policy to widen the reach of cooperatives at the grassroot level and strengthen the cooperative sector.

He also said that the government has decided to amend the Multi State Cooperative Societies Act 2002 to establish an effective regulatory mechanism for multi-state cooperative societies and remove the loopholes in the existing act.

Addressing the annual convocation ceremony at the Vaikunth Mehta National Institute of Cooperative Management (VAMNICOM) in Pune, he said that the government shall soon computerise the Primary Agriculture Societies (PAC) and link these with the District Central Cooperative Banks that in turn will be linked with State Cooperative Banks and the National Bank for Agriculture and Rural Development (NABARD) to establish a seamless and transparent financial system for cooperative banks.

Currently there are at least 95,000 PACs in the country out of which 65,000 are active, he said. If all the PACs work in a transparent manner, they will directly benefit farmers and the economy shall get a boost, he said.

Shah said there are several government schemes in 23 different departments for various sectors like fisheries, micro irrigation, which will all be brought under the common umbrella of the Cooperation Department.

The minister said that the government is working to establish a laboratory in the country that will audit land and certify organic products so that farmers get more prices. Amul and others are working on it. This will encourage organic farming, he said.

Cooperatives like IFFCO, Amul, Lijjat Papad and KRIBHCO have achieved a milestone in areas like milk and fertilisers, he said, adding that cooperatives have played a stellar role in the development of the nation.

Referring to the role played by VAMNICOM that is presently a grant-in-aid institution under the Union ministry of cooperation, the minister said that the government shall soon establish a university for cooperation with colleges in every state to offer courses for training in cooperatives.