Cooperative captains have mostly reacted positively to the Union Budget presented by the Finance Minister Nirmala Sitharaman with Dileep Sanghani, President, NCUI thanking the Minister for reducing Alternate Minimum Tax from 18 and a half percent to 15 % for cooperatives.
ICA AP President Dr. Chandra Pal Singh Yadav said “though I welcome we must be aware that without co-operatives, the lot of the poor cannot be improved; we need to do more”, he added.
IFFCO MD Dr. U S Awasthi said “It’s a welcome budget and gives emphasis on technology and innovation. The use of drones will be very useful for Nano Urea. The digital facilities for the rural population will empower them. Later he tweeted saying “We are already training farmers as Green Pilots for Krishi Viman for IFFCO Nano Urea”.
RBI Board member and senior Sahakar Bharati leader Satish Marathe said “On the background of severe Covid impact, Budget 2022 has put India on a Growth Trajectory post formalizing Economy through measures like Demonetisation, the introduction of GST and RERA and undertaking World’s 2nd largest Vaccination Prog.”
NDDB Chairman Meenesh Shah said “NDDB welcomes reduction in alternate minimum tax for cooperatives from 18.5% to 15% & Surcharge from 12% to 7% for cooperatives having income Rs 1 to 10 cr. The decision will boost development initiatives of dairy cooperatives and ensure better remuneration for millions of farmers.”
GCMMF Managing Director R S Sodhi said “it’s a fantastic budget for small co-ops and farmers as a surcharge on their income has been reduced. Reduction in MAT, core banking in Post Office, Strengthening Gati-shakti are all going to help farmers’ ‘, he added.
Jyotindra Mehta, President, NAFCUB said “Capex. Capex and Capex. It’s a big jump to achieve a 5 trillion $ economy, bravo Nirmalaji, and Modiji. Our economy is on the right track. Now it’s the duty of all countrymen to chase the target.
NCDC Managing Director Sundeep Nayak said “An excellent cooperative friendly budget. The ecosystem is in the right direction for empowering the cooperative movement in India.”
GH Amin, Former President, NCUI, and Chairman, Cooperative Bank of India welcomed this year’s budget and said that as long-term capital gains in surcharge have been restricted, this will be beneficial for all including cooperatives.
Dr. Sudhir Mahajan, Chief Executive, NCUI said, ‘Any shift in policy in favor of cooperatives is welcome. Cooperatives must be encouraged at all levels
B Subrahmanyam, MD, NAFCOB said the concession to cooperatives in reduction of Alternate Minimum Tax should have come long back. He felt that income tax concessions for cooperatives are still delayed, as cooperatives should be completely exempted from income tax.
The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman along with the Ministers of State for Finance, Shri Pankaj Chaowdhary and Dr. Bhagwat Kishanrao Karad and the senior officials presents the Union Budget 2022-23 to the President, Shri Ram Nath Kovind, at Rashtrapati Bhavan, in New Delhi on February 01, 2022. 
