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NCDC disburses $913 million to cooperative sector
by Jenny HodgeIndia’s National Cooperative Development Corporation has released an assistance of Rs. 36.52 billion ($913 million) to the cooperative sector during 2007-08.
NCDC is expecting a pre-tax profit of Rs. 1.30 billion ($32.5 million) which is substantially higher than that in the previous fiscal.
This was announced by Indian Agriculture, Consumer Affairs, Food & Public Distribution Minister, Mr. Sharad Pawar.
While presiding over NCDC’s 66th General Council meeting, Pawar said that Indian federal government has announced a Rs.716.80 billion ($17.92 billion) agricultural debt waiver and debt relief scheme for farmers covering direct agricultural loans.
The Scheme, which is the first of its kind since independence, is expected to benefit about 43 million farmers.
The government has also identified 237 districts in 18 states where productivity is quite low as those in desert and drought prone areas.
Farmers of these areas would be eligible for a minimum loan relief of Rs. 20,000 ($500) each, even if his land holding was above 2 hectares.
The other major initiative taken by the government includes significantly raising MSP for various crops, rehabilitation package of Rs. 169.79 billion ($4.24 billion) for 31 suicide prone districts and formulation of National Policy on Farmers.
The minister expressed satisfaction that the initiatives taken by the government have started facilitating a turnaround of our agricultural economy.
The country has achieved an all time record production in major crops like rice, wheat, maize, tur and cotton and the agriculture growth rate is estimated at around 4.5 per cent for 2007-08.
The higher agriculture growth will push the gross domestic product growth rate to 9% from the initial estimate of 8.7%, he said.
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