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
Indian Express
27 minutes ago
- Indian Express
ED arrests Biswal Tradelink's MD in fake bank guarantee case, to confront him with Anil Ambani
The Enforcement Directorate (ED) has arrested Partha Sarathi Biswal, managing director of Biswal Tradelink Private Limited (BTPL), in connection with an alleged fake bank guarantee case. 'A probe has revealed that BTPL fraudulently arranged and submitted fake bank guarantees of Rs 68.2 crore along with forged State Bank of India (SBI) endorsements and fabricated confirmations for a Solar Energy Corporation of India (SECI) tender. For providing this bank guarantee, BTPL received Rs 5.40 crore from Reliance Power Limited,' an official said. Seven days after searching multiple locations in Mumbai linked to Anil Ambani, the ED has summoned the industrialist on August 5 to join the investigation into a money laundering case linked to a multi-crore bank loan fraud involving companies of the Reliance Anil Dhirubhai Ambani Group. The ED has also issued a lookout circular (LOC) to prevent him from travelling abroad. BTPL was one of the companies where the ED recently conducted searches. Biswal's arrest was made on August 1 and he was produced before a Delhi Court, which sent him to their custody till August 6. 'We are planning to confront him with Anil Ambani during questioning and will try to verify some facts,' an official said. The ED has initiated its investigation against BTPL based on an FIR registered by the Economic Offences Wing (EOW), Delhi Police, against the firm, its directors and others, for allegedly providing a fake bank guarantee which was submitted to SECI. 'During the investigation, the ED has collected several pieces of evidence and they confirmed the use of fake documents in the name of certain banks and fake email IDs in the name of SBI. Probe has also revealed that BTPL, a small company incorporated in 2019, maintained multiple undisclosed bank accounts and carried out transactions disproportionate to its declared turnover. Many violations of the Companies Act are found, and no statutory records are found at registered addresses, such as books of accounts, shareholders' registers, etc,' the official said. The probe also revealed that dummy directors were used solely to sign documents, and found at least seven undisclosed bank accounts of the company. 'Proceeds of crime, of crores of rupees, have been traced to these accounts,' the official added. A spokesperson for Reliance Power said the ED case related to a bank guarantee. 'The company and its subsidiaries acted bona fide and have been a victim of fraud, forgery and a conspiracy. The company has made due disclosure on this to the stock exchanges on November 7, 2024. A criminal complaint in this regard has already been lodged with the Economic Offence Wing of Delhi Police against the third party on October 16, 2024. The due process of law will follow,' said the spokesperson.
&w=3840&q=100)
Business Standard
27 minutes ago
- Business Standard
Godrej Properties on track to meet or exceed FY26 sales target: CEO
Godrej Properties is on track to meet or even exceed ₹32,500 crore sales bookings target for this fiscal as housing demand continues to be strong, its executive Chairperson Pirojsha Godrej said. In an interview with PTI, he noted that the exuberance seen in the housing market post-COVID has calmed down, but the demand condition is still pretty strong. In the first quarter of this fiscal, Godrej Properties Ltd reported an 18 per cent decline in its pre-sales or sales bookings to ₹7,082 crore. Pirojsha attributed the decline in pre-sales to high base effect and also a slight delay in launch of couple of projects. Nevertheless, he said, "We are very much on track to meet or exceed our booking value target for the current 2025-26 financial year". The company's launch pipeline for this fiscal is quite heavy, which will help in meeting the pre-sales target of ₹32,500 crore easily, said Pirojsha. Asked about the overall current housing market scenario considering global uncertainties, he said, "I think definitely, the kind of very exuberant market that was there may be a year ago has definitely settled down a little bit. But this is exactly what we would expect to see.". In the first few years of upcycle, Pirojsha mentioned that there is always a huge pent-up demand and sharp price appreciations. "But I would say demand conditions still very strong, but not that kind of frothy looking demand that you see sometimes. So, I would say things have calmed down a little bit, but remain very, very positive," he observed. Many property consultants have reported a decline in the total housing sales across the top seven cities in the last two quarters. Pirojsha highlighted that the company's balance sheet is very strong, enabling it to make investments in land acquisition and development of projects for ensuring targeted growth of the overall business. During the last two financial years, Godrej Properties was the country's largest real estate firm in terms of sales bookings. The company is likely to retain its top rank for the third consecutive fiscal year if it achieves the sales bookings target of Rs 32,500 crore. During the 2024-25 fiscal year, the company's sales booking rose 31 per cent to a record ₹29,444 crore from ₹22,527 crore in the preceding year. On the financial front, Godrej Properties recently reported a 15 per cent increase in its consolidated net profit to Rs 598.40 crore for the first quarter of this fiscal as against Rs 518.8 crore in the year-ago period. Total income, however, fell to Rs 1,620.34 crore in the April-June period of 2025-26 fiscal against Rs 1,699.48 crore in the corresponding period of the preceding year. Godrej Properties' sales booking or pre-sales declined 18 per cent to Rs 7,082 crores during the April-June quarter from Rs 8,637 crore in the year-ago period. The collection of funds from customers against bookings rose 22 per cent to Rs 3,670 crore during the April-June quarter. Godrje Properties has a significant presence in Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Delhi-NCR and Hyderabad where it is developing group housing projects. The company is doing residential plotted development projects in many tier II cities, like Indore and Panipat. The Mumbai-based firm posted a net profit of Rs 1,389.23 crore on a total income of Rs 6,967.05 crore during the last financial year.
Economic Times
27 minutes ago
- Economic Times
Godrej Properties on track to meet or exceed Rs 32,500 cr pre-sales target for FY26: Pirojsha Godrej
Agencies Godrej Properties Godrej Properties is on track to meet or even exceed Rs 32,500 crore sales bookings target for this fiscal as housing demand continues to be strong, its executive Chairperson Pirojsha Godrej an interview with PTI, he noted that the exuberance seen in the housing market post-COVID has calmed down, but the demand condition is still pretty strong. In the first quarter of this fiscal, Godrej Properties Ltd reported an 18 per cent decline in its pre-sales or sales bookings to Rs 7,082 attributed the decline in pre-sales to high base effect and also a slight delay in launch of couple of he said, "We are very much on track to meet or exceed our booking value target for the current 2025-26 financial year".The company's launch pipeline for this fiscal is quite heavy, which will help in meeting the pre-sales target of Rs 32,500 crore easily, said Pirojsha. Asked about the overall current housing market scenario considering global uncertainties, he said, "I think definitely, the kind of very exuberant market that was there may be a year ago has definitely settled down a little bit. But this is exactly what we would expect to see.". In the first few years of upcycle, Pirojsha mentioned that there is always a huge pent-up demand and sharp price appreciations. "But I would say demand conditions still very strong, but not that kind of frothy looking demand that you see sometimes. So, I would say things have calmed down a little bit, but remain very, very positive," he observed. Many property consultants have reported a decline in the total housing sales across the top seven cities in the last two quarters. Pirojsha highlighted that the company's balance sheet is very strong, enabling it to make investments in land acquisition and development of projects for ensuring targeted growth of the overall business. During the last two financial years, Godrej Properties was the country's largest real estate firm in terms of sales bookings. The company is likely to retain its top rank for the third consecutive fiscal year if it achieves the sales bookings target of Rs 32,500 the 2024-25 fiscal year, the company's sales booking rose 31 per cent to a record Rs 29,444 crore from Rs 22,527 crore in the preceding the financial front, Godrej Properties recently reported a 15 per cent increase in its consolidated net profit to Rs 598.40 crore for the first quarter of this fiscal as against Rs 518.8 crore in the year-ago income, however, fell to Rs 1,620.34 crore in the April-June period of 2025-26 fiscal against Rs 1,699.48 crore in the corresponding period of the preceding year. Godrej Properties' sales booking or pre-sales declined 18 per cent to Rs 7,082 crores during the April-June quarter from Rs 8,637 crore in the year-ago period. The collection of funds from customers against bookings rose 22 per cent to Rs 3,670 crore during the April-June Properties has a significant presence in Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Delhi-NCR and Hyderabad where it is developing group housing projects. The company is doing residential plotted development projects in many tier II cities, like Indore and Panipat. The Mumbai-based firm posted a net profit of Rs 1,389.23 crore on a total income of Rs 6,967.05 crore during the last financial year.
