Shah Announces Ambitious Cooperative Banking and Agricultural Targets

Union Cooperation Minister Amit Shah laid out the Centre's ambitious targets for developing cooperative banks and milk producer unions in every district and establishing multipurpose primary agriculture credit societies (PACS) across two lakh panchayats within five years. This initiative aims to boost rural and agricultural economies and enhance cooperative efforts.

Union Cooperation Minister Amit Shah announced on Saturday that the Centre aims to establish a cooperative bank and a milk producers' union in every district, alongside creating multipurpose primary agriculture credit societies (PACS) in two lakh panchayats within the next five years.

Speaking at the 'Sahkar se Samriddhi' programme marking the 102nd International Day of Cooperatives, Shah acknowledged the Gujarat government for its 50 percent subsidy on Nano-urea and Nano-DAP, which he believes will enhance production and preserve soil health.

Shah emphasized the crucial role of the cooperative sector in rural and agricultural economics and called for the promotion of 'cooperation among cooperative' institutions. He also announced the formation of 1100 new Farmer Producer Organisations (FPOs) and highlighted that over 1 lakh PACS have adopted new bylaws. Furthermore, the issuance of bonds worth Rs 2000 crore by the National Cooperative Development Corporation (NCDC) will aid more cooperative institutions.

(With inputs from agencies.)