Mumbai, June 20 Union Minister of Cooperation, Amit Shah on Friday said that the cooperation ministry has taken a slew of decisions to transform the cooperative sector across the country.
He announced that the government will establish a cooperative insurance company to facilitate insurance services within the cooperative sector and it will open up various new opportunities.
The new entity is expected to provide tailored insurance solutions for cooperative institutions, ensuring better risk coverage and financial security.
In addition, two lakh Primary Agricultural Cooperative Societies (PACS) will be established, which will lead to their presence in every panchayat.
The new PACS will be multidimensional and they will be able to do 22 different activities.
"Apart from the present work of providing primary agricultural funds, PACS will do various works including running a petrol pump, undertake gas distribution, conduct maintenance under the 'Har Ghar Nal Se Jal Yojana', and do railway and air ticket bookings," he said.
In his speech at the conference organised by NAFED, Union Minister Shah said that of the 71,000 PACS, nearly 52,000 have become live due to computerisation and related initiatives. He announced that the foundation laying of the Tribhuvan Sahkari University, which will work at the national level, will take place by August.
“Cooperation may be a system for the whole world, but for India, cooperation is the philosophy of our traditional way of life. Coming together, thinking together, working together towards a common goal, standing by each other in joy and sorrow — this is the soul of India’s philosophy of life.
"Whether it's the purchase of farmers' grains at MSP across the country or providing every poor person with 5 kilos of free grains under PM Garib Kalyan Anna Yojana, NCCF and NAFED play a crucial role in all these initiatives," he said.
He added that to make the cooperative movement stronger, the government has prepared a database which will also be available at the state Registrar level.
He said that to empower taxi drivers and promote cooperative entrepreneurship, Sahakar Taxi Cooperative Limited has been officially registered.
Under the Sahakar Taxi structure, cab drivers will be direct members and co-owners as this model allows for equitable profit sharing, democratic governance, and ensures that the benefits of the platform flow directly to those who run it.
Moreover, Union Minister Shah said that the government has taken a number of decisions to provide relief to the cooperative sector in the income tax regime.
He added that the Centre has waived income tax worth Rs 15,000 crore payable by the cooperative sugar factories in Maharashtra and come out with a permanent solution to provide them relief.
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