2,000 out of 3,000 registered cooperative societies reported defunct in Jammu & Kasmir are seriously affecting employment generation in the state, reports Greater Kashmir.
J & K cooperative minister is quoted saying one of the reasons responsible for the situation is the state government meting out step-motherly treatment to the cooperative department.
The state govt. allocates a paltry Rs . 2 crore for the department, the minister said.
Sources familiar with the developments in the cooperative sector also blame the present mess on factors such as political influence, financial mismanagement and a large number of people defaulting on their loans.
