Cabinet approves setting up 2 lakh primary agricultural credit societies

Aiming to strengthen the cooperative sector, the Union Cabinet on Wednesday approved setting up of two lakh new multipurpose primary agricultural credit societies (PACS) in panchayats across the country in the next five years.

Under this, dairy and fishery cooperatives would be set up in all those panchayats which are uncovered, i.e., which don't have cooperative societies till now.

This plan would be implemented with the support of NABARD, National Dairy Development Board (NDDB) and National Fisheries Development Board (NFDB) through convergence of various schemes of the Ministry of Fisheries, Animal Husbandry and Dairying by leveraging the 'whole-of-government' approach, Minister for Information and Broadcasting, Anurag Thakur, told mediapersons after the Cabinet meeting.

The setting up of cooperative societies will provide farmer members with requisite forward and backward linkages to market their produce, enhance their income, obtain credit facilities and other services at village level.

The PACS will provide farmer members with requisite forward and backward linkages and enhance their income and will generate employment opportunities in the rural area, the minister said.