All Villages to Have Access to Agricultural Credit by 2027, Announces Cooperation Minister

NEW DELHI, 10 March 2024: In a move to boost rural development and empower farmers, Cooperation Minister Amit Shah announced the government's ambitious plan to establish Primary Agricultural Credit Societies (PACS) in every village across India by 2027.

Speaking at an event, Shah emphasized the importance of PACS, highlighting their role in providing crucial financial support to farmers. He announced the introduction of 20 new activities for PACS to undertake, aiming to increase their profitability and strengthen their overall contribution to the agricultural sector.

Key Takeaways

• Nationwide Expansion of PACS: The government aims to ensure every village has a functioning PACS by 2027, providing easy access to agricultural credit for farmers across the country.
• Diversification for Growth: The introduction of 20 new activities beyond core credit services aims to enhance the revenue generation potential of PACS, fostering their long-term sustainability.
• Unlocking Potential Through Technology: Shah highlighted the importance of computerization in the development of PACS. Streamlining operations through technology is expected to improve efficiency and effectiveness.
• National Cooperative Database Launched: To support the PACS expansion plan, Shah launched the National Cooperative Database and a corresponding report. This comprehensive database aims to identify gaps within the cooperative system and facilitate data-driven decision making.

The launch of the National Cooperative Database signifies a multi-phase initiative undertaken by the government. The database currently maps data from over 2.64 lakh societies in primary agricultural credit, dairy, and fisheries sectors. Further phases involved mapping data from various cooperative institutions across the country. This extensive data collection aims to provide a clear picture of the cooperative landscape in India, enabling targeted interventions and improvements.

With the establishment of PACS in every village and the introduction of new activities, the government hopes to empower farmers, enhance rural credit availability, and ultimately strengthen the agricultural sector as a whole.

Image credit: agrirs.co.uk