PM Modi Highlights Cooperative Sector’s Role in Building a Robust Economy

Prime Minister Narendra Modi emphasized the crucial role of the cooperative sector in shaping India’s economy during the launch of several key initiatives at Bharat Mandapam in Delhi on Saturday.

Addressing the gathering, PM Modi stated, “Today, Bharat Mandapam is witnessing another significant milestone in the Amrit Yatra of Viksit Bharat. We are progressing towards realizing the ‘Sahakar se Samridhi’ resolution embraced by the nation. The power of cooperation plays a substantial role in strengthening the foundation of agriculture and farming.”

He highlighted that the cooperative sector is instrumental in building a resilient economy and driving the development of rural areas. “Sahkarita is not just a system, but also a sentiment and a spirit!” PM Modi added.

“It has the potential to transform a basic subsistence system into a vast industrial capacity! This has been a proven method to revitalize the country’s economy, especially the rural and agricultural economy,” the Prime Minister emphasized.

PM Modi stressed the importance of modernizing India’s agricultural systems for the nation’s development. “Our goal was to establish 10,000 Farmers Producers Organisations (FPOs) in the country. I am pleased to announce that we have already set up 8,000 FPOs. Today, the success stories of our FPOs are being shared beyond our borders,” PM Modi announced.

He also highlighted the introduction of Primary Agriculture Cooperative Credit Societies (PACS) in agriculture to benefit farmers. “In addition to introducing new arrangements in the agriculture sector, we are also preparing cooperative institutions like PACS for new roles. All these efforts will provide new impetus to agriculture infrastructure in the country and integrate agriculture with modern technology,” he explained.

PM Modi underscored the government’s initiatives towards empowering women in the sector. “Today, farmers, including millions of women, are engaged in cooperatives in dairy and agriculture. Recognizing the potential of women, the government has prioritized them in cooperative-related policies,” PM Modi stated.

“Recently, reforms have been introduced in the multi-state cooperative society act. It is now mandatory to have a woman director in the board of a multi-state cooperative society,” the Prime Minister highlighted.

“In our country, when the Nari Shakti Vandan Act is passed in Parliament, it receives significant attention. However, we have enacted this crucial law with equal strength, but it receives relatively less discussion,” he remarked.

PM Modi reiterated the government’s target to establish two lakh Sahkari Samitis in the next five years. “Cooperation is also transforming the fisheries sector. Currently, over 25,000 cooperative units are operational in the fisheries sector. Our government’s objective is to establish 2 lakh ‘Sahkari Samitis’ in the next 5 years, with a significant portion dedicated to the fisheries sector,” he announced.

Earlier in the day, PM Modi inaugurated the pilot project of the ‘World’s Largest Grain Storage Plan in Cooperative Sector,’ which is being implemented in 11 Primary Agricultural Credit Societies (PACS) across 11 States.

During the event, PM Modi laid the foundation stone for an additional 500 PACS across the country for the construction of warehouses and other agricultural infrastructure under this initiative.

This initiative aims to seamlessly integrate PACS warehouses with the food grain supply chain, strengthening food security and fostering economic development in the country. The initiative, supported by NABARD and spearheaded by the National Cooperative Development Corporation (NCDC), is being implemented through the convergence of various existing schemes like the Agriculture Infrastructure Fund (AIF), Agriculture Marketing Infrastructure (AMI), etc. This enables PACS participating in the project to avail subsidies and interest subvention benefits for infrastructure development.

Addressing the occasion, Union Minister for Cooperation and Home, Amit Shah, expressed gratitude to the Prime Minister for facilitating investments to strengthen PACS. “To bolster PACS, PM Modi ji has allocated 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 initiated,” Shah stated.

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 revitalizing the cooperative sector and empowering small and marginal farmers.

The monumental project, with a financial outlay of over Rs 2,500 crore, 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 operational efficiency and governance of PACS, 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 PAC