Panel will be set up to make necessary changes in Cooperative Act: Maha CM
Chief Minister Devendra Fadnavis on Monday announced that a committee will be formed to suggest the necessary changes in the Cooperative Act.
'There is a need to make changes in the current Cooperative Societies Act in line with the times. The work of providing justice to every entity related to the cooperative sector should be done through the Cooperative Act.
"For this, new chapters related to each sector will have to be included in the law. For this, necessary changes will have to be made in the Cooperative Act. A committee is being formed for the necessary changes in the Cooperative Act,' he said in his speech at the symposium on the occasion of International Cooperative Day organised here by the Maharashtra State Cooperative (MSC) Bank.
The CM has responded to the observations made in this regard by Union Minister Nitin Gadkari, who in his speech on Monday had made a strong recommendation that the state government needs to craft a new law for the cooperative sector in the changing situation.
Stating that cooperative banks have adapted to modern technology and brought about radical changes in the banking sector, CM Fadnavis said, 'Cooperative banks have adopted a modern technological banking system along with the core banking system. Cooperative banks are providing all the services useful to the customers. Due to this, cooperative banks have survived during the period of 'fiscal consolidation'. Cooperative banks have done a great job during this period too. The uprising against moneylenders in Supe in Pune district on May 12, 1875 marked the beginning of the cooperative sector. Today, 150 years have passed since this historical event.'
'Prime Minister Narendra Modi has launched a separate Ministry of Cooperatives for the first time at the Centre. Through this ministry, the cooperative movement is being empowered across the country. Cooperatives are being empowered across the country through the Central Government. This is giving a boost to the rural economy.
"With the help of the World Bank, training is being provided to cooperatives in 10,000 villages and their business models are being developed. The World Bank has also expressed satisfaction for this work and this has given a new start to Agri Businesses,' said the chief minister.
He said that the cooperative sugar factories are also producing by-products along with sugar production and this has helped them survive global competition.
'There are complaints that electricity rates are making it difficult for spinning mills operating on a cooperative basis to survive in the global competition. The government also provides subsidies for electricity. Therefore, all spinning mills are being converted to solar energy,' he said, adding that this will solve the biggest problem of electricity for spinning mills.
CM Fadnavis further stated that processing industries should also be helped through the cooperative sector.
'Nearly 50 per cent of the total cooperative societies are cooperative housing societies. By amending the Cooperative Act, a separate chapter has been included for cooperative housing societies in the past. Through this, the system of cooperative housing societies is being established. A new scheme has been brought for cooperative societies for self-redevelopment. The state government is giving them 17 different types of concessions. Due to the strengthening of cooperative housing societies, citizens are getting their rightful homes in Mumbai itself. A committee has also been formed under the chairmanship of MLA Praveen Darekar regarding self-redevelopment of cooperative housing societies,' he added.
He announced that a positive decision would be taken after a study to carry out the state government's transactions on a large scale through cooperative banks.
Meanwhile, Deputy Chief Minister Eknath Shinde asserted that the cooperative sector will play a major role in India's ambitions of becoming a superpower.
'After the establishment of the Ministry of Cooperation at the Centre, there has been a wave of reforms in the cooperative sector in the country. Rural Marts are being set up in rural areas with the help of NABARD. The cooperative movement has gained more strength due to Kisan Credit Card and Micro ATM. This is giving a boost to the rural economy to a large extent. Maharashtra Cooperative Bank is the largest bank in the cooperative sector in the country with a turnover of Rs 62,000 crore,' said Dy CM Shinde.
Dy CM Ajit Pawar said a revolt against moneylenders took place in Supe from Pune district 150 years ago, which was the beginning of the cooperative sector.
'Today, the cooperative movement has come a long way. However, this movement needs to be strengthened to face future crises and challenges,' he added. He suggested that the Maharashtra State Cooperative Bank should prepare a report on the history of the cooperative movement so far.
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