Speaking on the occasion of his first mega co-op conclave at Indira Gandhi Stadium Union on Saturday, Cooperation Minister Amit Shah laid emphasis on PACS and said that the Prime Minister’s vision of inclusive growth is only achievable through them.
“We have 95 thousand PACS as of now but it is not enough for 6 lac villages. The Ministry will work on a vision to form about 3 lac PACS in five years of time. We have already begun the work on the same”, he informed.
Shah also said that there is roughly one PACS on every 6 villages but the future efforts would be to have one PACS for two villages. PACS will be computerized and act as a growth engine for the rural economy, said Shah.
Shah also talked of amending the co-op act for the formation of PACS. Presently you cannot form a PACS unless the defunct one is wound up and this provision has to go away for the quick formation of the new entity, said Shah with a sense of urgency.
“We are also looking at the possibilities of converting PACS into FPOs so that it gets all the benefits”, felt Shah. Shah also referred to credit co-ops in his speech.
“We should also ensure that credit co-ops which act as small units are strengthened across states as they are the real saviours of the poor and the downtrodden”, said Shah giving the example of a poor man seeking Rs 1000 for celebrating Dipawali from credit co-ops. “Banks can’t do what credit co-op can do for have-nots’ ‘, underlined Shah.