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LATEST NEWS UPDATES | A leg-up for cooperatives -Anshu Singh, Pallavi Ingale and Hema Yadav

A leg-up for cooperatives -Anshu Singh, Pallavi Ingale and Hema Yadav

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published Published on Feb 15, 2022   modified Modified on Feb 16, 2022

-The Hindu Business Line

A host of initiatives in the Budget should make the sector vibrant

Budget 2022 seeks to double farmers’ income by building a robust system that enables easier access to finance, the marketplace and new-age technology. The government has allocated a sizeable amount for rural infrastructure development. This will help farmers get better access to the marketplace

National Federation of State Co-operative Banks (NAFSCOB) data of 2019-20 shows that around 138 million farmers are members of Primary Agricultural Credit Societies (PACS). This indicates the linkage and importance of cooperative societies in India.

In October 2021, a separate Ministry of Cooperation was formed to handhold cooperatives. The Budget has earmarked 900 crore to the Ministry of Cooperation. The cooperative sector works as the main pillar at the grassroots level to support the weaker sections and farmers.

Cooperative training

The cooperative sector has huge potential but there was a need for proper plans and funds to support training and development programmes. The Budget has taken this into consideration and made a separate allocation of 25 crore. This will help training institutes working in the cooperative sector conduct more programmes in the coming financial year.

The Budget has earmarked 11 crore for strengthening training and research at VAMNICOM (Vaikunth Mehta National Institute of Cooperative Management), a national apex institute under the Ministry of Cooperation. VAMNICOM has been at the forefront in development of the cooperative sector.

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The Hindu Business Line, 15 February, 2022, https://www.thehindubusinessline.com/opinion/a-leg-up-for-cooperatives/article65052018.ece


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