Hello everyone, welcome! Today we have an interesting topic to discuss from India. The Indian Government recently made a significant decision during a cabinet meeting by approving the world's largest food storage scheme, with a budget of ₹1 Trillion. This ambitious project falls under the cooperative societies sector and will be implemented nationwide over the next 4 to 5 years.
The primary objective of this scheme is to provide storage facilities to farmers, enabling them to increase their production, minimize losses, and obtain fair prices for their agricultural output. Currently, farmers without proper storage facilities often face distress selling, resulting in lower prices for their produce.
But before we delve deeper into this topic, let's have a quick quiz: When and under what name did India conduct its first nuclear test? Share your answer in the comments!
Now, let's discuss the government's plan to construct godowns with a capacity of 2000 tonnes in every state of India. An Inter-Ministerial Committee will be formed to oversee the project and ensure its smooth execution. This initiative will not only benefit farmers but also provide a significant boost to the cooperative sectors across the country.
Now, you might be wondering how the government plans to implement and fund this scheme. The Indian government has already introduced various schemes for the welfare of its people, and these schemes will be integrated to efficiently construct the godowns and ensure timely implementation. The Ministry of Cooperation will conduct a pilot round in all states to assess requirements, identify potential challenges, and find suitable solutions before the full-scale implementation of the project.
Following the cabinet's approval, a National Level Coordination Committee will be formed within 15 days to release guidelines for implementation. Additionally, a dedicated portal will be established to link Primary Agriculture Credit Societies (PACS) for easy access to credit. All these steps will be completed within 45 days after linking all cooperative sectors.
Now, let's talk about the current storage capacity in India and whether it is sufficient. Currently, the country has a storage capacity of approximately 1,450 lakh tonnes. With the new scheme, this capacity is expected to increase by 700 lakh tonnes, reaching a total of 2,150 lakh tonnes. However, it is worth noting that even with this expansion, the storage capacity still falls short of the actual quantity of food grains produced in India. India produces 3,100 lakh tonnes of food grains annually, and the current godowns can store only 47% of this production.
This project is a game-changer for rural development. It not only helps farmers increase their production, reduce losses, and secure better prices for their output but also allows them to avail 70% of loans on agricultural produce stored in the godowns through credit societies. Furthermore, it creates job opportunities and enhances food security in India.
So, why was this scheme brought under the cooperative sector? The main reason is the transformational vision of Prime Minister Modi to turn cooperatives into successful and vibrant business enterprises. By leveraging the strong presence of PACS in rural areas, the aim is to establish agri-infrastructure at the grassroots level, boosting the agriculture sector and rural landscape, and ultimately strengthening the Indian economy.
We would love to hear your thoughts on this topic. Please share your comments below!
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