GANDHINAGAR: Union home and cooperation minister Amit Shah announced Sunday that Centre will introduce soon a new policy for speedy liquidation of defunct primary agricultural credit societies ( PACS ) and registration of new ones.
He outlined a target to establish two lakh new PACS by 2029, with 22 designated business activities aimed at ensuring financial stability and long-term viability. “The work of connecting 22 different types of businesses with PACS was done by Union govt and I am sure arrangements have been made to ensure not a single registered PACS becomes financially sick,” he added. He was speaking at a “Sahakari Sammelan” held at Science City in Ahmedabad to mark International Year of Cooperatives . Over 4,000 delegates representing 800 cooperative institutions attended the event.
PACS provide short-term and medium-term loans to farmers for agricultural activities, operating at village level. They promote financial inclusion, offer affordable credit, and support rural economic development by reducing dependence on informal moneylenders.
Among the business avenues encouraged for PACS are cooperative-owned manufacturing units for products such as ice cream, paneer, and other cheese. Shah highlighted a plan to promote a circular economy in the dairy sector by forming cooperatives to process skin, bones, and horns of deceased livestock.
The Union minister said India’s cooperative movement , born during the freedom struggle, had faltered in several regions but remained strong in Gujarat. “It is the responsibility of cooperative leaders in Gujarat to make the growth of the movement symmetric,” he said.
Shah also reviewed progress of “cooperation among cooperatives” pilot project, initially launched in Banaskantha and Panchmahal districts and now expanded statewide. He reported that 60% of the project has been completed and that deposits in cooperative banks have risen by Rs 11,000 crore.
“All members of cooperatives, dairies, agriculture produce marketing committees (APMCs), and PACS should have accounts in cooperative banks,” he said.
He outlined a target to establish two lakh new PACS by 2029, with 22 designated business activities aimed at ensuring financial stability and long-term viability. “The work of connecting 22 different types of businesses with PACS was done by Union govt and I am sure arrangements have been made to ensure not a single registered PACS becomes financially sick,” he added. He was speaking at a “Sahakari Sammelan” held at Science City in Ahmedabad to mark International Year of Cooperatives . Over 4,000 delegates representing 800 cooperative institutions attended the event.
PACS provide short-term and medium-term loans to farmers for agricultural activities, operating at village level. They promote financial inclusion, offer affordable credit, and support rural economic development by reducing dependence on informal moneylenders.
Among the business avenues encouraged for PACS are cooperative-owned manufacturing units for products such as ice cream, paneer, and other cheese. Shah highlighted a plan to promote a circular economy in the dairy sector by forming cooperatives to process skin, bones, and horns of deceased livestock.
The Union minister said India’s cooperative movement , born during the freedom struggle, had faltered in several regions but remained strong in Gujarat. “It is the responsibility of cooperative leaders in Gujarat to make the growth of the movement symmetric,” he said.
Shah also reviewed progress of “cooperation among cooperatives” pilot project, initially launched in Banaskantha and Panchmahal districts and now expanded statewide. He reported that 60% of the project has been completed and that deposits in cooperative banks have risen by Rs 11,000 crore.
“All members of cooperatives, dairies, agriculture produce marketing committees (APMCs), and PACS should have accounts in cooperative banks,” he said.
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