{"id":225587,"date":"2023-02-07T22:59:46","date_gmt":"2023-02-07T17:29:46","guid":{"rendered":"https:\/\/blog.forumias.com\/?page_id=225587"},"modified":"2023-02-07T22:59:46","modified_gmt":"2023-02-07T17:29:46","slug":"answered-cooperatives-have-been-playing-a-critical-role-in-our-economy-for-a-long-time-discuss-the-government-initiatives-for-promoting-the-cooperative-sector-in-india","status":"publish","type":"page","link":"https:\/\/forumias.com\/blog\/answered-cooperatives-have-been-playing-a-critical-role-in-our-economy-for-a-long-time-discuss-the-government-initiatives-for-promoting-the-cooperative-sector-in-india\/","title":{"rendered":"[Answered] Cooperatives have been playing a critical role in our economy for a long time. Discuss the government initiatives for promoting the cooperative sector in India."},"content":{"rendered":"<table>\n<tbody>\n<tr>\n<td width=\"616\"><strong>Introduction:\u00a0<\/strong>Contextual introduction.<br \/>\n<strong>Body:\u00a0<\/strong>Explain some government initiatives for promoting the cooperative sector in India.<br \/>\n<strong>Conclusion<\/strong>: Write a way forward.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Cooperative societies help small-scale entrepreneurs procure raw materials at discounted rates and reduce production costs. They provide producers with a platform to sell their products directly to consumers by removing intermediaries, which helps cut the selling price and ensure higher sales and profits for producers.<\/p>\n<h3><strong>Government initiatives for promoting the cooperative sector:<\/strong><\/h3>\n<ul>\n<li><strong>Ministry for cooperation:\u00a0<\/strong> It will provide a separate administrative, legal and policy framework for strengthening the cooperative movement in the country.<\/li>\n<li>Setting up of massive, <strong>decentralised storage capacity<\/strong> so that farmers can store their produce and realise remunerative prices by selling at an appropriate time. This will be the world\u2019s largest grain storage facility.<\/li>\n<li>To promote the growth of new cooperative manufacturing societies, the budget has announced a <strong>concessional income tax rate of 15%<\/strong> for cooperatives that begin manufacturing before March 31, 2024.<\/li>\n<li>Cooperative societies have been given a <strong>higher limit of Rs 3 crore for tax deducted at source<\/strong> on cash withdrawals. For sugar cooperative mills, the claims for payment made to sugar farmers before the assessment year 2016-17 will now be considered an \u2018expenditure\u2019. This is expected to provide approximately <strong>Rs 10,000 crore in relief to the sugar cooperatives.<\/strong><\/li>\n<li>The government is establishing <strong>a national database of cooperatives <\/strong>and a <strong>National Cooperative<\/strong> <strong>University<\/strong> to provide trained manpower to this sector.<\/li>\n<li>Further, under the PM\u2019s leadership a committee has been constituted by the cooperation ministry to formulate a <strong>National Cooperative Policy<\/strong>, which will include stakeholders\u2019 recommendations and become a vital link to connect the masses with the country\u2019s financial system.<\/li>\n<li>The budget also announced that <strong>model bye-laws for primary agricultural cooperative societies (PACs) <\/strong>are being formulated, to enable them to become multipurpose cooperatives to meet the country\u2019s diverse needs and remain financially profitable.<\/li>\n<li>Recently an MoU has been signed among the cooperation ministry, the IT ministry, NABARD, and CSC e-Governance Services India Limited. This MoU will <strong>enable PACS to provide the services offered by the Common Service Centre. <\/strong><\/li>\n<\/ul>\n<p>Given the way PM, with the resolve of <strong>\u2018Sahakar Se Sammriddhi\u2019,<\/strong> has brought cooperatives to the forefront of the nation\u2019s economic discourse, they will soon be one of the main drivers of India\u2019s growth engine.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction:\u00a0Contextual introduction. Body:\u00a0Explain some government initiatives for promoting the cooperative sector in India. Conclusion: Write a way forward. Cooperative societies help small-scale entrepreneurs procure raw materials at discounted rates and reduce production costs. They provide producers with a platform to sell their products directly to consumers by removing intermediaries, which helps cut the selling price&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/answered-cooperatives-have-been-playing-a-critical-role-in-our-economy-for-a-long-time-discuss-the-government-initiatives-for-promoting-the-cooperative-sector-in-india\/\">Continue reading <span class=\"screen-reader-text\">[Answered] Cooperatives have been playing a critical role in our economy for a long time. Discuss the government initiatives for promoting the cooperative sector in India.<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-225587","page","type-page","status-publish","hentry","entry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/225587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=225587"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/225587\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=225587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}