NCUI hails budget for creating level-playing field for cooperatives with pvt cos

The provisions of the Budget will benefit the new cooperatives, primary agricultural cooperative societies, and primary cooperative agricultural rural development banks, he added.Sanghani said the cooperatives have long been demanding a level playing field with the private companies.

National Cooperative Union of India (NCUI) President Dileep Sanghani on Wednesday hailed the 2023-24 budget for giving priority to the cooperative sector and creating a level playing field with private companies.

''This year's budget will ensure that the benefits of cooperative development reach the lowest sections of the society,'' he said in a statement. The provisions of the Budget will benefit the new cooperatives, primary agricultural cooperative societies, and primary cooperative agricultural rural development banks, he added.

Sanghani said the cooperatives have long been demanding a level playing field with the private companies. ''This year's Budget is a big step in this direction as it will give the new cooperatives in the field of manufacturing the benefit of a lower tax rate of 15 per cent as given to the private companies,'' he said. Further, he said that the sugar cooperatives will be strengthened as Rs 10,000 crore relief will be given to them to claim payments made to sugarcane farmers for the period prior to the assessment year 2016-17 as an expenditure. An additional package under the PM Matsya Sampada Yojana will boost the cooperative fishery sector as weaker sections of cooperatives need to be strengthened so as to compete in the market economy, he said.

Further, providing a higher limit of 2 lakh per member for cash deposits and loans in cash by Primary Agricultural Credit Societies (PACS) and Primary Co-operative Agriculture and Rural Development Banks (PCARDBs) will give a big boost to deposit schemes and loan repayments of PCARDBs and PACS. A higher limit of 3 crore for TDS on cash withdrawal to cooperatives is indeed welcome, he added.

He also said that the budgetary provision to set up massive decentralised capacity for the farmers will provide avenues for the PACS and other primary societies to establish state-of-the-art infrastructure for providing various services to members of cooperatives.

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