PM to unveil multiple pivotal initiatives in co-op sector on Feb 24

In a momentous stride towards fortifying the cooperative sector, Prime Minister Shri Narendra Modi is set to inaugurate and lay the foundation stone for multiple pivotal initiatives on February 24, 2024, at 10:30 AM, hosted at Bharat Mandapam, New Delhi.

The centerpiece of this endeavor is the inauguration of the pilot project for the ‘World’s Largest Grain Storage Plan in Cooperative Sector’. This ground-breaking initiative spans 11 Primary Agricultural Credit Societies (PACS) across 11 states, aiming to revolutionize food grain storage on an unprecedented scale.

With the global population soaring and climate change affecting agricultural output, efficient storage solutions are paramount. The project, supported by NABARD and spearheaded by the National Cooperative Development Corporation (NCDC), signals a paradigm shift in ensuring food security and bolstering economic resilience.

Additionally, Prime Minister Modi will lay the foundation stone for an additional 500 PACS nationwide, earmarked for the construction of godowns and other agricultural infrastructure. This collaborative effort seeks to address longstanding challenges in agricultural logistics, particularly the lack of adequate storage facilities.

By integrating PACS godowns into the broader food grain supply chain, the initiative not only safeguards perishable produce but also enhances market access for farmers, thus fostering sustainable rural development.

Integral to the government’s vision of “Sahakar se Samridhi,” Prime Minister Modi will also inaugurate the project for computerization in 18,000 PACS across the country. This move aligns with efforts to rejuvenate the cooperative sector and empower small and marginal farmers by leveraging modern technology and streamlined processes. By digitizing operations, PACS can enhance transparency, accountability, and efficiency, thereby maximizing the benefits accruing to their members.

With a staggering financial outlay exceeding Rs 2,500 crore, this monumental project signifies a substantial commitment to the cooperative sector’s revitalization. It entails transitioning all operational PACS onto a unified Enterprise Resource Planning (ERP) based national software, ensuring seamless integration and connectivity.

By linking these PACS with NABARD through State Cooperative Banks and District Central Cooperative Banks, the initiative aims to bolster operational efficiency and governance, thereby benefiting millions of small and marginal farmers nationwide.

Notably, NABARD has developed a bespoke National Level Common Software tailored to accommodate the diverse needs of PACS across the country, with the successful onboarding of 18,000 PACS marking a significant milestone in the project’s implementation journey.

As the cooperative sector emerges as a linchpin in India’s agricultural and economic landscape, Prime Minister Modi’s visionary initiatives are poised to usher in a new era of prosperity and sustainability for millions of farmers and rural communities.