Cooperative sector to play important role in making India 3rd largest economy: Gujarat CM

Gujarat Chief Minister Bhupendra Patel emphasized the importance of the cooperative sector in strengthening the rural economy and contributing to India’s goal of becoming the world’s third-largest economy. Speaking at an event in Deodar village in Gujarat’s Banaskantha district, he inaugurated and laid the foundation stones of various projects by Banas Dairy and Banas Bank.

Patel attributed India’s economic progress to Prime Minister Narendra Modi’s leadership and highlighted the cooperative sector’s role in this growth. He mentioned the recent Vibrant Gujarat Global Summit, where the focus was on emerging technologies and green energy, but also emphasized the significance of rural development through the cooperative sector.

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The Chief Minister acknowledged the improved governance of cooperative banks under the supervision of the Reserve Bank of India, leading to increased depositor confidence. He mentioned that Central government services related to agriculture, banking, and animal husbandry are now available in villages through Primary Agricultural Credit Societies (PACS).

Amit Shah, Union Home and Cooperation Minister, was praised for emphasizing the development of PACS as multi-service centres. Patel outlined the vision of PACS evolving into mini-cooperative offices, providing various services, including selling generic medicines, and being locally governed through the cooperative structure.

Banas Bank, in collaboration with Gujarat State Cooperative Bank, has expanded banking facilities with 180 ATMs and 1,700 micro ATMs across the state. Patel announced a pilot project where PACS would function as ‘Bank Mitra’ in Banaskantha and Panchmahal districts, aiming to integrate farmers and cattle rearers into the formal economy by providing banking services.

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Banas Dairy’s initiatives included a project to convert biogas into hydrogen and the establishment of the Banas Bovine Breeding & Research Centre to enhance the productivity of native Indian breeds of cows and buffaloes. The Chief Minister inaugurated an ‘atta’ plant in Palanpur and a whey protein plant by Banas Dairy.

During the event, Patel launched a scheme offering interest-free credit of up to Rs 50,000 to cattle rearers through the Kisan Credit Card, further supporting the agricultural community in the region.