Terming the latest Union Budget path-breaking and pro-cooperative Ghanshyam Amin said it provides a long-term road map and blueprint to build a prosperous and inclusive India as envisaged by Prime Minister of India Shri Narendrabhai Modi.
Ghanshyam Amin is Chairman, Co-operative Bank of India, New Delhi and Gujarat State Cooperative Union Ahmedabad. He is also on the board of national apex body, NCUI
Amin said the budget has something for every division of the Co-operative Sector and will help the nation translate ” Prosperity Through Cooperation ” into reality, the slogan coined by the Hon’ble Prime Minister, says a press release.
Praising scores of announcements made in the budget for the promotion and development of the Co-operative Sector, Amin mentioned concessional tax of 15% to promote new co-operative societies focussing on manufacturing, a higher limit of Rs 3 crore for TDS on
cash withdrawal and the creation of decentralised storage capacities, increasing agriculture credit to Rs 20 lakh crore, building up national co-operative database, computerization of 63,000 PACS at the cost of Rs 2516 crores and major relief to Sugar Co-operatives.
Amin also found the announcements on an all-India network of warehouses and godowns and decentralisation of warehousing capacity to be measures that would rationalise the balance between demand and supply.
In Amin’s view, computerization of 63,000 Primary Agricultural Credit Societies (PACS) with an investment of Rs 2,516 crore will go a long way in enabling inclusive, farmer – centric solutions and help improve access to farm inputs and credit.
The legendary cooperator praised the budget for giving the opportunity to the Sugar Cooperatives to claim the payment made to cane farmers for the period prior to the assessment year 2016-17 as expenditure thereby providing Sugar Co-operatives a relief of almost Rs 10,000 crore.
In conclusion, Amin said apart from focusing on enhancing and promoting agricultural credit, digital technologies, natural farming and funding for agricultural start-ups in rural areas, the Budget mirrors the commitment of the Government towards positive and robust growth of the Co-operative Sector.
It’s a growth oriented and inclusive Budget with an aim to lay rock solid foundation for putting India on the right economic track through the Co-operative Sector, he concluded.