Prime Minister Narendra Modi inaugurated and laid the foundation stone for several key initiatives during a ceremony held at Bharat Mandapam in New Delhi today, which indeed marks a significant movie aimed at boosting the cooperative sector in India. The event, which commenced at 10:30 am, marks a pivotal step towards enhancing food security, driving economic development, and fostering good governance within the cooperative domain.
Addressing the gathering, Prime Minister Narendra Modi emphasized the crucial role of the cooperative sector in shaping a resilient economy and driving rural development. He underscored the sentiment that cooperation transcends mere structure, embodying a profound ethos and spirit.
“The cooperative sector possesses the transformative potential to convert rudimentary subsistence systems into robust industrial capacities,” remarked Prime Minister Modi, highlighting its indispensable role in rejuvenating India’s rural and agricultural economy.
A landmark initiative unveiled during the ceremony is the pilot project for the ‘World’s Largest Grain Storage Plan in Cooperative Sector.’ Spanning 11 Primary Agricultural Credit Societies (PACS) across 11 states, this pioneering endeavor aims to integrate PACS godowns seamlessly into the food grain supply chain. Endorsed by NABARD and spearheaded by the National Cooperative Development Corporation (NCDC), the initiative leverages convergence with existing schemes such as the Agriculture Infrastructure Fund (AIF) and Agriculture Marketing Infrastructure (AMI) to bolster food security and drive economic growth.
In addition to the grain storage plan, Prime Minister Modi laid the foundation stone for the expansion of PACS and agricultural infrastructure. This initiative entails the establishment of an additional 500 PACS nationwide, facilitating the construction of godowns and other essential agricultural infrastructure. Through collaborative efforts, participating PACS stand to benefit from subsidies and interest subvention under existing schemes, reaffirming the commitment to integrate PACS into the broader agricultural framework for enhanced efficiency and efficacy.
Furthermore, in alignment with the government’s vision of “Sahakar se Samridhi” (Prosperity through Cooperation), Prime Minister Modi inaugurated a project aimed at the digital transformation of 18,000 PACS nationwide. With a substantial financial outlay exceeding Rs 2,500 crore, this initiative entails the transition of functional PACS onto a unified Enterprise Resource Planning (ERP) based national software. By establishing connectivity between PACS, NABARD, State Cooperative Banks, and District Central Cooperative Banks, the project endeavors to bolster operational efficiency and governance, thereby benefiting millions of small and marginal farmers across the country.
Nevertheless, the initiatives launched and inaugurated by Prime Minister Modi depicts the government’s dedidcation as well as the commitment to fortify the cooperative sector, elevate agricultural infrastructure, and empower rural communities. With a strategic focus on collaboration, innovation, and digitalization, these initiatives are expected to chart a transformative trajectory towards a more inclusive and prosperous future for India’s cooperative sector and agricultural landscape in the near future.
