National level Multi-state cooperative export society

Recently, the Indian government has approved the setting up and promotion of a National Level multi-state cooperative export society. The decision was made during a meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi. The society will operate under the Multi-State Cooperative Societies (MSCS) Act, 2002 with support from relevant Ministries, especially the Ministry of External Affairs and Department of Commerce, Ministry of Commerce and Industry through their export-related policies, schemes & agencies by following the ‘Whole of Government Approach’.

Unlocking the Export Potential of Indian Cooperatives

The proposed society aims to provide a thrust to exports from the cooperative sector by acting as an umbrella organization for carrying out and promoting exports. This will help unlock the export potential of Indian cooperatives in global markets, said a press release Cabinet. It will also help cooperatives get benefits of various export-related schemes and policies of different ministries of the Government of India in a focused manner through the ‘Whole of Government Approach’, added the press release.

Promoting Inclusive Growth through Cooperatives

This will also help in achieving the goal of “Sahakar-se-Samriddhi” through the inclusive growth model of cooperatives where the members would benefit both by the realization of better prices through the export of their goods and services and also by dividends distributed out of the surplus generated by the society.

Increasing Employment and Production

Higher exports through the proposed society will increase production of goods and services by the cooperatives at various levels thus leading to more employment in the cooperative sector. The processing of goods and enhancing the services to match international standards will also generate additional employment.

Promoting “Make in India”

Increased export of cooperative products would, in turn, also promote “Make in India” thus leading to Atmanirbhar Bharat.

National-level Multi-state Seed Cooperative Society

In addition to the National Level Multi-state Cooperative Export Society, the cabinet has also approved the setting up of the National-level Multi-state Seed Cooperative Society. It will help increase the Seed Replacement Rate (SRR), and Varietal Replacement Rate (VRR), ensuring the role of farmers in quality seed cultivation and seed variety trials, production, and distribution of certified seeds with a single brand name by utilizing the network of all levels of cooperatives.

The society will act as an apex organization for the production, procurement, processing, branding, labelling, packaging, storage, marketing, and distribution of quality seeds; strategic research and development; and the development of a system for the preservation and promotion of indigenous natural seeds; through various cooperative societies across the country, stated a Ministry of Cooperation statement issued following the Cabinet meeting chaired by Prime Minister Narendra Modi.

Category: Economy & Banking Current Affairs - 2024