Financial Daily from THE HINDU group of publications
Monday, Dec 29, 2003
Financial Daily from THE HINDU group of publications Monday, Dec 29, 2003 |
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Industry & Economy
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Co-operatives Centre planning Rs 8,500-cr scheme to boost co-ops Our Bureau
Mumbai , Dec. 28 THE Union Government will shortly unveil a Rs 8,500-crore financial package to revive the co-operative sector. The details of the package are being worked out, according to Mr Rajnath Singh, Union Minister for Agriculture. He was speaking at a two-day national convention of co-operatives organised by Sahakar Bharati. According to Mr Singh, the Government has already enacted the Multi-State Co-operative Act, 2002 to give sufficient autonomy to multi-State co-operative institutions. All efforts would be made to reduce interest rates for the farmers to bring them on par with the manufacturing and other sectors. He stressed the need for economic discipline in the era of increasing competition. While the reduction of interest rates has largely benefited the urban areas, the farmer in the rural area continues to pay high interest rates, Mr Singh said. "The Finance Ministry is already considering a proposal to bring down the interest rates for farmers to nine per cent."
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