The cooperative sector has reacted favourably to the Union Budget 2023 presented by Union Finance Minister Nirmala Sitharaman on Wednesday. Different sectors within the co-operative fold have hailed the budget with many calling it path breaking.The Budget has something for every sector– be it PACS, dairy, fisheries, food processing or manufacturing in co-ops.
“We used to lament that the word co-op never formed part of the FM speech in budget presentations in the past”, recalled veterans of co-operatives. From the formation of the separate ministry for co-ops to the anointment of a leader like Amit Shah to the present Budget, things could not be better for the cooperative sector, said many co-operators we talked to.
Here are some of the reactions from the captains of the cooperative sector
NCUI President Dileepbhai Sanghani
The Modi Government has come up with a comprehensive budget for new cooperatives as well for the entire cooperative sector. We are thankful to Prime Minister Narendra Modi, Union Cooperation Minister Amit Shah and Union Finance Minister Nirmala Sitharaman.
The provision of increasing agricultural credit to Rs 20 lakh crore is a good move, which will strengthen the rural economy. Cooperative credit institutions will be able to provide maximum loans to the farmers, which will benefit middle- and lower-class farmers.
There is an announcement in the budget to create a national cooperative database, which is a welcome step. Besides, Primary Cooperative Societies and Primary Cooperative Agricultural Development Bank will get cash deposit and loan repayment facility of Rs 2 lakhs, which will help them in earning more profit. Waiver of Rs 10,000 crore to sugar cooperatives in payment of dues from sugar farmers is also a praiseworthy announcement.
For the computerization of 63,000 primary cooperative societies, the government has made a provision of Rs. 2,516 crore, which will increase the efficiency of these co-ops.
ICA-AP President Dr Chandrapal Singh Yadav
Reacting to the union budget presented by the Union Finance Minister in the Parliament on Wednesday, ICA Asia-Pacific President and Kribhco Chairman said the budget will give a big boost to the cooperative sector. Chandra Pal said co-op mapping across the country is going to be a game-changer.
There are indeed areas where co-op movement is not strong and a national database will offer a clear picture as to where, we co-operators and the govt have to jointly work in tandem to strengthen the same, noted Chandrapal.
IFFCO Managing Director Dr U S Awasthi
We welcome the Union Budget 23-24 as a boost to Rural Economy, Alternative Natural & Organic Farming. It’s a good budget for Indian Agriculture. This will certainly help in doubling the farmers income and enhancing the socio-economic scenario of rural India.
We at IFFCO heartily welcome the Union Budget 2023-24. A boon for the country’s rural economy and cooperative sector. Thanks to the efficient leadership of Cooperative Minister Shri Amit Shah Ji for realizing the dream of the Honorable Prime Minister of “Sahakar Se Samriddhi”.
This is a great budget for Indian agriculture. It will prove to be helpful in doubling the income of farmers and improving the socio-economic conditions of rural India.
NAFCUB President Jyotindra Mehta
Reacting to the Union Budget presented by Union Finance Minister Nirmala Sitharaman, Nafcub President Jyotindra Mehta said the budget is growth oriented and due importance is given to the Cooperative sector. “Income tax related litigation was a problem facing sugar cooperatives but the Finance Minister and Union Cooperation Minister Amitbhai Shah have found the way out. Now sugar cooperatives will have more savings on tax liability”, Mehta said.
In his budget reaction, Mehta said under sec 269SS and 269T the transaction in cash to the society was Rs 20 thousand, the new limit is Rs 2 lakhs. Mehta demanded extending the higher limit provision under section 269SS and 268T for urban credit co-operatives as well.
Sah Bharati National General Secretary Uday Joshi
Sahakar Bharati welcomes the budget announcements made by Smt Nirmala Sitaramnji Hon FM pertaining to CoOp Sector. After a long time, an attempt is made to focus on the CoOp Sector.
Sahkar Bharati certainly welcomes that FM has announced to provide relief to PACS & PACARDS from Sec 268 T to deposit & to loan to the extent of Rs 2 lakhs. Earlier this relief was given to the dairy sector too. However, a large sector of Credit CoOps is not covered in the relief of Sec 269 T.
Sahakar Bharati hopes FM will sympathetically think over to extend this relief to Credit CoOps too.
Very impressive and optimistic budget with all the right ideas to propel India forward. Grateful for the emphasis on the cooperative sector which will boost rural economy.
Vamnicom Director Hema Yadav
Major relief to Sugarcane Cooperatives as it was much awaited. It’s an encouraging move and gives way to Sugar coops to venture in Cogeneration plants
Relief to cooperatives in manufacturing with low tax benefit is also a right way to provide relief
Accelerator funds for Cooperatives also could have been there to boost the movement.
Jaiprakash Dandegaonkar, President, Sugar Co-op Fed
A progressive budget that gives much needed relief and massive boost to the Indian Cooperative Sugar
He said “budget 2023 is a growth oriented budget that has brought cooperative-based economic development models into focus and will help unleash the true potential of the Indian cooperative sugar sector.