Union Home Minister and Minister of Cooperation, Amit Shah, delivered a keynote address at the 42nd Foundation Day celebration of the National Bank for Agriculture and Rural Development (NABARD) held at Pragati Maidan in New Delhi. The event was attended by several dignitaries, including Minister of State for Finance Dr. Bhagwat Kishanrao Karad, Secretary of the Ministry of Cooperation, Gyanesh Kumar, and Chairman of NABARD, K.V. Shaji.
During the event, Amit Shah distributed Micro-ATM cards to milk societies and RuPay Kisan Credit cards to the members of these societies, emphasizing the government’s commitment to empowering rural communities. In his speech, the Union Home Minister highlighted the pivotal role of NABARD in supporting India’s rural economy, agriculture, cooperative institutions, and self-help groups over the past four decades. He commended the organization for its contribution to the rapid growth of the agricultural sector, which is essential for the overall development of the rural economy.
Amit Shah attributed the success of India’s rural transformation to the leadership of Prime Minister Narendra Modi, who has prioritized the development of both urban and rural areas. He emphasized the interconnectedness between the agricultural and cooperative sectors, stressing that NABARD has played a significant role in empowering self-help groups, particularly women, enabling them to become self-reliant and respected members of society.
The Union Minister of Cooperation highlighted NABARD’s commendable initiatives in various sectors, including capital formation and refinance. He revealed that NABARD has channeled approximately Rs. 8 lakh crore into the rural economy for capital formation, providing a refinancing of Rs. 12 lakh crore to support agricultural needs, farmer welfare, and diversification of agri-production. Shah acknowledged NABARD’s achievement of refinancing Rs. 20 lakh crore in the rural economy over the last 42 years, emphasizing its crucial contribution to rural development.
Amit Shah further highlighted the progress made in the agriculture sector, stating that the short-term loan for agriculture finance, which was Rs. 896 crore in 1982, has now increased to Rs. 1.58 lakh crore. Similarly, the long-term agriculture loan has seen significant growth, reaching Rs. 1 lakh crore from Rs. 2,300 crore in 1982.
Referring to the ongoing Azadi ka Amrit Mahotsav (Celebration of 75 Years of Independence), Amit Shah emphasized that NABARD, along with cooperative institutions, is pivotal in achieving the Prime Minister’s vision for the country’s rural economy, agriculture, cooperative finance, self-help groups, and rural infrastructure development. He highlighted the impact of NABARD’s Rural Infrastructure Development Fund, which has sanctioned Rs. 5 lakh crore and facilitated irrigation of 41 million hectares of land, constituting 60 percent of the total irrigated land.
Amit Shah applauded NABARD’s efforts in revitalizing the rural economy, including the establishment of 13 million metric ton capacity warehouses and financing approximately 1 crore self-help groups, making it the largest micro-financing program in the world. He also acknowledged NABARD’s role in supporting farmers through Kisan Credit Cards and ensuring remunerative prices for their produce by establishing over 7,000 Farmer Producer Organizations (FPOs) nationwide.
The Union Home Minister and Minister of Cooperation reiterated the government’s commitment to strengthening the cooperative system and expressed gratitude to Prime Minister Narendra Modi for establishing the Ministry of Cooperation. He emphasized the need for timely changes in cooperative laws to synchronize with modern societal and financial changes, leading to the revival and prosperity of the cooperative system.
Amit Shah praised NABARD’s initiatives to computerize 63,000 Primary Agricultural Credit Societies (PACS) and transform them into multidimensional entities engaged in activities such as storage, operating Jan Arogya Kendra (health centers), running fertilizer shops, participating in the Public Distribution System (PDS), and operating petrol pumps and gas agencies. He acknowledged NABARD’s indispensable cooperation in implementing these changes at the grassroots level.
Amit Shah recognized NABARD as more than just a bank, describing it as a mission to strengthen India’s rural system. He stressed the importance of setting targets for NABARD, not only based on financial parameters but also focusing on human and rural development.
He highlighted the formation of three multi-state cooperative societies under the leadership of Prime Minister Narendra Modi: Multi-State Cooperative Organic Society, Multi-State Cooperative Export Cooperative Society, and Multi-State Cooperative Seed Society. These societies aim to ensure fair prices for organic products in the global market, promote agricultural exports, and enhance production and marketing of high-yielding seeds.
Furthermore, Amit Shah acknowledged the government’s efforts to promote cooperatives by bringing cooperative and corporate tax rates on par and resolving long-standing disputes related to sugar mills. The government has also reduced the surcharge on cooperatives from 12% to 7% and minimized the Minimum Alternate Tax (MAT) from 18.5% to 15%. These measures are aimed at encouraging cooperatives to thrive in the open market and receive favorable tax treatment.
First published on: 13 Jul 2023, 09:16 IST
