Prime Minister Narendra Modi inaugurated several initiatives aimed at bolstering the cooperative sector in India. The event, held today at Bharat Mandapam in New Delhi, underscores the government's commitment to enhancing food security, fostering economic development, and promoting governance within the cooperative domain. Here are the key highlights from the event:
World’s Largest Grain Storage Plan Inaugurated
Prime Minister Modi inaugurated the pilot project for the 'World’s Largest Grain Storage Plan in Cooperative Sector.' This initiative spans 11 Primary Agricultural Credit Societies (PACS) across 11 States. The project, supported by NABARD and led by the National Cooperative Development Corporation (NCDC), aims to integrate PACS godowns into the food grain supply chain.
Expansion of PACS and Agricultural Infrastructure
Prime Minister Modi laid the foundation stone for an additional 500 PACS across the country, emphasizing the importance of strengthening agricultural infrastructure. These PACS will facilitate the construction of godowns and other essential agricultural infrastructure. The collaborative effort involved in this expansion ensures that PACS participating in the project will benefit from subsidies and interest subvention benefits under existing schemes.
Digital Transformation of PACS
Aligning with the government’s vision of 'Sahakar se Samridhi', Prime Minister Modi also inaugurated a project for the digital transformation of 18,000 PACS nationwide. With al financial outlay exceeding Rs 2,500 crore, this initiative involves transitioning all functional PACS onto a unified Enterprise Resource Planning (ERP) based national software. By linking these PACS with NABARD through State Cooperative Banks and District Central Cooperative Banks, the project aims to enhance operational efficiency and governance.
The inauguration and foundation stone laying ceremony of such initiatives mark an important moment in the cooperative sector's journey towards greater resilience, efficiency, and inclusivity.
Cooperative sector is instrumental in shaping a resilient economy and propelling the development of rural areas. https://t.co/CmN4eEkGbJ
— Narendra Modi (@narendramodi) February 24, 2024
