Presenting the Madhya Pradesh Budget 2023 in the State Assembly on Wednesday, the Finance Minister Jagdish Devda announced a provision of Rs 2417.47 crore for the Cooperative Department. The budget gave a boost to both the co-op banks and the farmers, felt several co-operators from the state.
In the budget, he announced 1500 crore for the share capital of cooperative banks and provision of Rs 600 crore for interest subsidy on short-term loans to farmers through cooperative banks.
Besides, the provisions have been made of Rs 80 crore for the computerization of Primary Agriculture Credit Cooperatives (PACCs).
In his budget speech, Devda said, “The state government has tried to give relief to the farmers. The government will pay the amount of interest on loans taken by defaulting farmers from co-operatives”.
Reacting to the Budget, NCUI GC Member from Madhya Pradesh Arun Singh Tomar said, “It’s a revolutionary budget as far as the cooperative sector is concerned. Several provisions have been introduced for the cooperative sector which will play an important role in strengthening the movement”.
“The bearing of interest by the state government on the loans taken by defaulters’ farmers, will definitely help farmers as well as co-operative banks recover their dues”, he added.
The state government has made a budget provision of 53,264 crore for agriculture and agriculture related schemes- earmarking Rs 277 crore for the PM Shree Yojana, Rs 1000 crore for the Mukhyamantri Krishak Vishal Jan Sahayata Yojana. Construction of 3346 cow shelters has been approved under the Chief Minister Goseva Yojana.
The BJP state government led by Shivraj Singh Chauhan in Madhya Pradesh on Wednesday presented its budget worth Rs 3.14 lakh crore for the 2023-24 financial year, with introduction of new taxes this year.
The self-help groups provided credit linkage of more than Rs 5084 crore by the state government. Along with this, it has also been decided to provide an additional interest subsidy of 2 percent on loans of 3 lakhs,” the finance minister said.
