Co-op & MSME have huge potential for UP: Shah at Global Summit

Addressing the Global Investors Summit-2023’s session on “Strengthening of MSMEs and Cooperatives” in Lucknow, Union Home Minister and Minister of Cooperation Amit Shah said Cooperatives and MSMEs have huge employment potential for the state of Uttar Pradesh.

Elaborating, Shah said Uttar Pradesh has immense potential in the field of cooperative, dairy and agro-based industries. Uttar Pradesh is the largest producer of food grains, Uttar Pradesh has vast land for agriculture, most hardworking farmers are also in Uttar Pradesh and Uttar Pradesh also has the largest amount of water. With all these factors, Uttar Pradesh has immense potential for agro-based industry, especially cooperative dairy.

The Union Home minister and Minister of cooperation said that Prime Minister Shri Narendra Modi set up the Ministry of Cooperation for the first time after 75 years of independence.

He said that the Modi government has decided to do computerization of PACS, model bylaws are made for making PACS multipurpose, PACS have been permitted to function as Common Service Centres(CSCs), National Cooperative Database is created to find the gaps, National cooperative policy is being prepared.

Along with this lending institutions have been made the member in the Credit Guarantee Fund Trust, cooperatives have been given exemption for purchase on GEM portal, MAT has been reduced from 18% to 15%, many reliefs have been provided in the Income Tax Act, and three new multistate cooperatives have been created. One will connect a small farmer with the production of seeds, the second will make complete arrangements for the marketing of organic products and the third will also work for the export of agricultural products.

The Union Home Minister and Minister of Cooperation said that in the coming months he will tour various parts of the country to strengthen and expand the cooperative sector. It bears recalling that Prime Minister Shri Narendra Modi inaugurated this summit in the morning.

Shah said the development of Uttar Pradesh is very important to fulfill Prime Minister Shri Narendra Modi’s dream of 5 trillion dollar economy, taking Uttar Pradesh forward means accelerating India’s development

There are 5 conditions to bring industry and investment in any state – proper law and order situation, good infrastructure in the state, clear formulation of policies for industry and finance, transparent governance and quick decision-making ability

Today, under the leadership of Prime Minister Shri Narendra Modi, the Government of Uttar Pradesh led by Chief Minister Shri Yogi Adityanath, has implemented these five things, a very favourable environment has been created here for industry and investment.