Union Budget 2023: National Cooperative Database is Being Created to Map Cooperative Societies: FM Sitharaman

GG News Bureau

New Delhi, 1st Feb. Finance minister Nirmala Sitharaman said on Wednesday that a national cooperative database is being created to map cooperative societies.

The move would assist in the implementation of the proposed national cooperative policy.

According to NCUI data, there are about 8.6 lakh cooperatives in the country, out of which active primary agricultural cooperatives (PACs) are about 63,000.

She also stated that the agriculture credit target for FY24 has been increased to Rs 20 lakh crore, with an emphasis on animal husbandry, dairy, and fisheries.

In addition, the government plans to build massive decentralized storage capacity to assist farmers, according to the minister’s Budget speech.

The government decided in January of this year to establish three new cooperative societies to promote organic products, seeds, and exports.

The National Export Society, National Cooperative Society for Organic Products, and National Level Multi-state Seed Cooperative Society have all been approved by the Cabinet.