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The Union Minister of Agriculture, Shri Sharad Pawar announced that the National Cooperative Development Corporation has reduced its lending interest rates four times in the past two years and that the present interest rate would vary between 8 to 10.5 per cent. While presiding over the 60th Meeting of the General Council of NCDC the Minister appreciated NCDC’s role in strengthening cooperatives and over achieving its target in 2004-05 by almost 70 per cent and hoped that the momentum will continue. Shri Pawar stressed on the important role that the cooperative sector has been given in the Common Minimum Programme of the U.P.A. Government. The focus of the Government regarding the National Policy on cooperatives is to promote professionalism, democratization of the management, financial and operational efficiency and members’ active participation and involvement in the functioning of the cooperatives.
The Minister also informed about new developments like constitution of two committees to suggest measures for rehabilitation of sick cooperatives and for development of North Eastern Regions and to give their recommendations early. Recently, the Cabinet Committee on Economic Affairs (CCEA) has also approved the re-structured Central Sector Scheme for assistance to NCDC for cooperative development programmes with a subsidy component of Rs.149.5 cr. for the 10th plan. The loan component of Rs.937.75 cr. under the Scheme will be met entirely by NCDC out of its own resources. The pattern of financing by NCDC under this scheme for the categories of under-developed and least-developed states has also been rationalized. The spinning mill component of this scheme has been extended to cover weavers cooperatives.
The Minister also talked about introduction of new initiatives by the Government such as the National Horticulture Mission, the Central Sector Scheme on development of agricultural marketing infrastructure, grading and standardization as well as National Mission on Bamboo Technology and Trade Development. He exhorted NCDC to actively participate and take advantage of these schemes for the benefit of cooperatives.
In order to give relief of State Governments, NCDC has permitted the State Cooperative to swap their high cost loan with the loan at the present rate of interest. Some of the States have already availed of this benefit
Shri Dinesh Rai, MD, NCDC informed that from the meager disbursement of Rs.2.36 crores in 1962-63, NCDC disbursed Rs.260 cr. in 1990-91 with a quantum jump to Rs. 1060 cr. in 2004-05. Thus, NCDC has so far disbursed Rs.8784 cr. to support various cooperative projects in the country.
The meeting approved Programme of Activities of the Corporation for the year 2005-06 involving an outlay of Rs.850 crores. Agro-processing cooperatives comprising Sugar Projects, Spinning Mills, Oilseed Projects, Food grains, Fruit & Vegetable units etc. will get Rs.299.72 crores which works out to 35.26 per cent of total outlay. This will help in augmenting the income of farmers through value addition and consolidation of the capacity already created. In the meeting special emphasis was laid on weaker section programmes, with Rs.200 crores (23.53 per cent) earmarked for agro-marketing and input programmes Rs.134.78 cr. (15.85 per cent) and for integrated Cooperative Development Projects (ICDP), Rs.160 cr. (18.83 per cent) has been approved.
Shri Kanti Lal Bhulia, MOS, Agriculture and Vice-President of the Council and Secretary (A&C) Smt. Radha Singh also attended the meeting.
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