Telangana has set national precedent by transforming PACS into FPOs: Tummala
While addressing representatives from across the state, Minister Tummala emphasized that cooperative credit societies must adapt to the evolving needs of the agricultural sector. Instead of restricting themselves to conventional lending practices, these societies should transform into one-stop centers, providing a wide range of services—from seed distribution and soil analysis to marketing and processing support—to promote farmer prosperity.
Tummala revealed that the transition of PACS into FPOs is part of a larger strategy aligned with the Government of India's plan to establish 10,000 FPOs nationwide. With support from the NCDC, Telangana's Cooperative Union has been designated a Cluster-Based Business Organization (CBBO), enabling it to spearhead this transformation. Each of the 311 newly formed FPOs will receive an equity grant of Rs 15 lakh and a management cost support of Rs 18 lakh, totaling Rs 33 lakh per unit. In aggregate, Rs 167.93 crore have been sanctioned, with the first tranche of Rs 9.85 crore disbursed on Tuesday.
Additionally, every FPO will be eligible for a loan guarantee of up to Rs 2 crore under the Central Government's Credit Guarantee Scheme, strengthening financial resilience and operational capacity.
Highlighting success stories such as the Mulkanur Cooperative Credit Union, the Minister said ethical and transparent governance can turn cooperatives into models of rural development. He commended the cooperative achievements in Medchal and other districts and called on societies in Rangareddy and neighboring areas to promote vegetable and fruit cultivation, reduce chemical usage, and support organic farming.
Tummala stressed the importance of adopting holistic business models. He urged societies to offer services like seed distribution, storage, equipment rental, marketing, dairy, poultry, and soil testing. He also recommended inviting experts from various sectors to society meetings for guidance and innovation.
The event witnessed participation from prominent officials, including NCDC Regional Director Shardul, TG Cooperative Union Chairman Mohana Reddy, TGCAB Chairman Ravinder Rao, DCCB chairpersons, cooperative officers, and 311 society leaders—collectively committing to a new era of agricultural empowerment in Telangana.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
23 minutes ago
- Time of India
Ashish Kacholia invested in this SME IPO that has 42% GMP. Check all details
Patel Chem Specialities is set to launch its Rs 58.80 crore IPO today, with the price fixed at Rs 82–84 per share. Ahmedabad-based Patel Chem Specialities launched its Rs 58.80 crore IPO today, priced at Rs 82–84 per share. The IPO, entirely a fresh issue, closes on July 29 and plans to list on BSE SME on August 1. Ashish Kacholia, along with other investors, participated in the anchor book, raising Rs 16.69 crore. Tired of too many ads? Remove Ads Price band and GMP Tired of too many ads? Remove Ads Company overview Ahmedabad-based excipient maker Patel Chem Specialities will launch its Rs 58.80 crore IPO today at a price band of Rs 82–84 per share. The offer is entirely a fresh issue of 70 lakh equity shares and will close for subscription on July 29. The company will list on the BSE SME platform, with a tentative listing date of August IPO has drawn early attention after ace investor Ashish Kacholia , via Bengal Finance and Investment, was allotted 5.97 lakh shares as part of the anchor book at Rs 84 per share -- accounting for nearly one-third of the anchor notable investors include Meru Investment Fund, Zeal Global Opportunities Fund, and Ventura Fund I. In total, Rs 16.69 crore was raised from anchor issue is priced at Rs 82–84 per share with a lot size of 1,600 shares. The grey market premium (GMP) is hovering at around 42% over the issue price, indicating strong interest ahead of Chem is a manufacturer of pharmaceutical excipients and specialty chemicals like sodium carboxymethyl cellulose and pregelatinized operates from two plants in Gujarat and exports to over five continents. For FY25, it posted a 28% revenue growth to Rs 105.5 crore, while PAT jumped 38% to Rs 10.57 proceeds from the IPO will be used for funding capital expenditure requirement of the company and other general corporate purposes.
Time of India
23 minutes ago
- Time of India
IT sector adds fewer hands; BigBasket's muted financials
IT sector adds fewer hands; BigBasket's muted financials Want this newsletter delivered to your inbox? Also in the letter: Top six IT firms saw staff additions plunge 72% in Q1 Steep decline: Tata Consultancy Services (TCS) and Infosys led what little growth there was, adding of 5,060 and 210 employees, respectively The other four, HCLTech, Wipro, Tech Mahindra, and LTIMindtree, together cut 1,423 jobs. Big picture: Quote, unquote: Also Read: Foot in the door: Also Read: BigBasket loses steam as quick commerce intensifies Driving the news: Tata Sons' FY25 annual report reveals a 3% dip in turnover for BigBasket's business-to-consumer (B2C) unit, Innovative Retail Concepts, which clocked Rs 7,673 crore. Its business-to-business (B2B) arm, Supermarket Grocery Supplies, fared worse, falling 7% to Rs 2,227 crore. Losses for the B2C business widened sharply to Rs 1,851 crore, up from Rs 1,267 crore in FY24. Also Read: Tata 1mg back in investment mode after strong FY25 growth By the numbers: Consolidated revenue jumped 20% year-on-year (YoY) to Rs 2,392 crore. Tata 1mg Technologies, its main entity, posted Rs 375 crore in revenue and Rs 65 crore in PAT (tripling YoY). Subsidiary Tata 1mg Healthcare recorded revenue of Rs 2,016 crore but incurred a loss of Rs 342 crore. Coforge outperforms peers: Net profit is at Rs 317.4 crore. is at Rs 317.4 crore. Revenue surged over 54% to Rs 3,688.6 crore. surged over 54% to Rs 3,688.6 crore. Growth was led by the Americas business, which improved 72.4% from the same period last year. Contrary to top-tier hiring trends, Coforge's global workforce increased by 1,164. Persistent Systems posts profit growth: Net profit was at Rs 424.9 crore, helped mainly by foreign exchange gains. was at Rs 424.9 crore, helped mainly by foreign exchange gains. Revenue increased by 21.8% YoY to Rs 3,335.9 crore. increased by 21.8% YoY to Rs 3,335.9 crore. BFSI grew 30.7% YoY, and software, hi-tech and emerging industries verticals saw a 14.1% YoY surge. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Pine Lab's Setu boosts top deck with key senior hires Driving the news: Anand Raisinghani from SAP India has stepped in as the chief executive officer, taking over from cofounder Sahil Kini. Prashanth Nimmagada joined as chief technology officer in April. Santosh Subramanian assumed the role of finance head in March. Nikhil Ratanpal is the director of product development. Setting context: Also Read: SuperK raises Rs 100 crore from Binny Bansal, Mithun Sacheti; cricketer Shubman Gill joins cap table Deal details: The round was led by Flipkart cofounder Binny Bansal's 3State Ventures and CaratLane founder Mithun Sacheti. Existing investors Blume Ventures and Xeed Ventures also participated. Adding a touch of star power, Indian Test skipper Shubman Gill also joined the captable. By the numbers: Keeping Count Other Top Stories By Our Reporters PhysicsWallah's road to IPO: Karnataka tech ecosystem's fundraising plummets: Global Picks We Are Reading Happy Friday! Hiring in India's IT sector declined significantly in the April-June quarter. This and more in today's ETtech Morning Dispatch.■ Setu rejigs top shelf■ SuperK raises funds■ PhysicsWallah IPO gets Sebi nodIndia's $280 billion sector experienced a sharp slowdown in hiring during the April-June quarter, with the top six IT companies adding just 3,847 employees in Q1 represents a nearly 72% drop from the 13,935 additions in the previous are leveraging artificial intelligence (AI) and automation to maintain, or even grow, revenues without increasing say the focus is shifting towards efficiency, digital transformation, and targeted hiring. As business models evolve, companies are investing more in upskilling their workforce and adopting smarter recruitment strategies, they add.'While early indicators for FY26 suggest a cautious rebound—with top IT firms projecting higher fresher intake linked to an increase in the number of projects coming to India, hiring will remain skill-driven and unlikely to return to earlier volumes,' said Neeti Sharma, CEO of Teamlease hiring, once the backbone of IT's pyramid-style staffing, has halved compared to pre-pandemic years, according to Teamlease total, the six forms collectively employ around 16.25 lakh people, which is still below the 16.58 lakh recorded at the end of June Digital-owned BigBasket is feeling the heat as quick commerce players, such as Blinkit, Zepto, and Swiggy Instamart, tighten their grip on urban grocery demand. The pressure is showing in the contrast, Tata Digital's epharmacy arm, 1mg, has bounced back with strong momentum Mid-tier IT company Coforge recorded a 138.4% YoY increase in net profit, with revenue also IT services company reported a 38.7% YoY increase in net profit for the April-June quarter. It was, however, marginally lower than the previous two Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship infrastructure company Setu, owned by Pine Labs, has made significant leadership changes in recent a move to strengthen its executive team, the company appointed several key figures to vital Labs acquired the fintech venture in June 2022. Setu provides a technology stack that allows companies to offer financial services on top of their existing operations. Among its range of products, Setu offers APIs (application programming interfaces) for bill payments, customer onboarding and KYC, payments via UPI, and digital Thontepu (left) and Neeraj Menta, founders, SuperKSuperK, a value-first grocery retailer operating in small towns, has raised Rs 100 crore in fresh funding The retailer grew nearly 15% in FY25, up from Rs 85 crore the previous year. It now targets an annualised Rs 2,000–3,000 crore business in Andhra Pradesh and Telangana alone over the next five years. The latest round values the company at 2–2.5x its previous Rs 160 crore valuation.(L-R) Prateek Maheshwari and Alakh Pandey, founders, PhysicswallahEdtech startup PhysicsWallah has obtained approval from the Securities and Exchange Board of India (SEBI) for an initial public offering, according to a notification on the markets regulator's startups raised $1.7 billion in the first half of 2025 (H1 2025), according to a report by data intelligence platform Tracxn , with Bengaluru-based companies leading. The funding level has fallen 30% from the $2.4 billion raised in the second half of 2024 (H2 2024), and is 44% lower than the $3 billion raised during the same period last year (H1 2024).■ Microsoft put older versions of SharePoint on life support; hackers are taking advantage ( Wired ■ AI 'a great opportunity for artists' says head of Stable Diffusion owner ( FT ■ Unleashing the AI jobs revolution in Africa ( Rest of World
Time of India
23 minutes ago
- Time of India
Bajaj Finance Finds Dynamic Support at 50 DEMA; Technicals Point to More Upside, says Shivangi Sarda
'Bajaj Finance stock has outpaced in its sector and has been making higher lows from the last eight months. Traders can buy the stock for a target of Rs 1010 in the next 2-3 weeks,' Shivangi Sarda, Analyst, Derivatives and Technical Research, Motilal Oswal Financial Services Ltd, said. Show more Show less
