Cooperative sector sees opening of new avenues

New Delhi: The year 2023 saw a newly set up cooperation ministry coming out with several initiatives including model bye-laws for making PACS multipurpose and a national cooperative body to promote exports in a bid to give further boost to the cooperative movement and open new avenues for the cooperative societies for expansion. Set up in July 2021, the new ministry under the leadership of Amit Shah took historical steps for strengthening the cooperative sector in a short span of time, an official statement said.

“To strengthen the cooperative movement, the Ministry of Cooperation has taken 54 major initiatives, through which all cooperative societies are getting new possibilities for their economic development and expansion,” it said. Among the key initiatives taken this year, the ministry said it came out with a draft Model Bye-Laws for Primary Agricultural Credit Societies (PACS) on January 5, 2023, in order to increase their source of income and create new employment opportunities in more than 25 new sectors.