Cabinet Clears Rs 8,520 Crore Boost for Farmers, Co-ops
The Union Cabinet on Thursday approved a significant financial package aimed at bolstering the agricultural sector and strengthening cooperative societies. A total outlay of Rs 8,520 crore has been sanctioned.
This includes Rs 6,520 crore for the Pradhan Mantri Kisan Sampada Yojana (PMKSY). The allocation will fund crucial infrastructure upgrades, including food irradiation units and laboratories.
Further, Rs 2,000 crore has been approved for the National Cooperative Development Corporation (NCDC). This will enable the NCDC to leverage an additional Rs 20,000 crore for cooperative loans.
This move is expected to directly benefit approximately 2.9 crore members of various cooperative societies across the nation. The increased credit access will facilitate improved agricultural practices and enhance the overall economic strength of rural communities.
The timely infusion of funds is crucial given the ongoing challenges faced by farmers and the vital role cooperatives play in rural India’s economic landscape. This will provide a much-needed impetus to agricultural growth and rural development.
