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Budget 2023 gives Rs 968cr digitisation boost to connect, drive agriculture cooperatives.
Feb 02, 2023
The government proposes to spend Rs.1,150.38 crore on the cooperatives sector in FY24, with Rs.968 crore earmarked for computerisation of some 63,000 primary cooperative agriculture societies (PCAS).
The total cost for computerisation of PCAS is estimated at Rs.2,516 crore. The scheme aims to computerise PCAS, leading to an increase in its efficiency, profitability, transparency and accountability.
'The budget further makes provision to set up decentralised storage capacity so that farmers can store their produce and realise remunerative prices to sell at an appropriate time,' read a statement issued by the cooperative ministry. 'The government will facilitate setting up of a large number of multipurpose cooperatives societies, primary fishery societies, and dairy cooperative societies in uncovered panchayats and villages in the next five years.'
The announcement comes close on the heels of the Cabinet decision to set up three new cooperative societies to boost organic farming, seeds and exports, with the aim to push up farm income.
As per the budget announcement, new cooperatives commencing manufacturing by March 31, 2024 will get the benefit of a lower tax rate of 15%, while higher limit of Rs.2 lakh per member has been earmarked for cash deposit and loans in cash by PACS and primary cooperative agricultural and rural development banks. A higher limit of Rs.3 crore for TDS on cash withdrawal has been provided to cooperative societies, the statement said.
Finance minister Nirmala Sitharaman said in her budget speech that a national cooperative database for countrywide mapping of cooperative societies will be created for better implementation of the proposed national policy on cooperatives.
'Setting up of cooperatives will ensure that there is no distress sale of farm products and farmers get better price for their produce,' Jayen Mehta, incharge managing director of Gujarat Cooperative Milk Marketing Federation (GCMMF).
In a relief to sugar cooperative mills, the claims for payments made to sugar farmers prior to assessment year 2016-17 will be considered as 'expenditure'. This is likely to provide a relief of about Rs.10,000 crore to the sugar cooperatives, according to the ministry of cooperation. The department was taken out from the agriculture ministry and created into a separate ministry by Prime Minister Narendra Modi in July 2021.
economictimes.indiatimes.com
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