PM Modi launches multiple key initiatives for Cooperative Sector

New Delhi: Prime Minister Narendra Modi launched multiple key initiatives in Cooperative Sector at an event held at Bharat Mandapam in Delhi on Saturday.

Prime Minister 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) in 11 states.

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.”

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.

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 also 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 cooperation sector and created a separate Ministry for the same,” he added.

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