Union Home Minister and Minister of Cooperation, Shri Amit Shah said that following the mantra of ‘Sahakar Se Samriddhi’ Government under the leadership of Prime Minister Shri Narendra Modi is determined to raise the standard of living of crores of people through cooperatives.
In his tweets, Shri Amit Shah said that the unprecedented decisions taken in the budget today to strengthen the cooperative sector are a symbol of this determination. With the plan of setting up the world’s largest decentralized storage capacity, farmers associated with cooperative societies will be able to get the fair price for their produce by selling it at appropriate time. This will play an important role in Prime Minister Narendra Modi’s resolve to increase the income of the farmers.
The Union Home Minister and Minister of Cooperation said that in the next 5 years, the government will also establish new multipurpose cooperative societies, primary fisheries societies and dairy cooperative societies in every panchayat. This will give a new direction and speed to the cooperative movement, which will make this sector more empowered.
Shri Amit Shah also expressed his gratitude to Shri Modi for keeping the cooperative societies of manufacturing sector formed till March 31, 2024 in the 15% tax net only. The decision to cap TDS on cash withdrawal at Rs 3 crore and making the limit upto Rs 2 lakh per member for cash deposits and loans for Primary Agriculture Credit Society (PACS) and Primary Cooperative Agricultural and Rural Development Banks (PCARDBs) is laudable.
The Union Cooperation Minister also added that he welcomes another important decision taken for the cooperative sector, in which sugar cooperatives have been given the facility to show the payments made to farmers before 2016-17 in their expenditure. Cooperative sugar mills will get a relief of Rs 10,000 crore.
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