Cabinet approves National Level multistate cooperative export society

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved setting up and promoting a National Level multistate cooperative export society under the Multi State Cooperative Societies (MSCS) Act, 2002.

The proposed society will provide thrust to exports from cooperative sector by acting as an umbrella organisation for carrying out and promoting exports. This will help unlocking export potential of Indian cooperatives in global markets. 

This proposed society will also help cooperatives in getting benefits of various export related schemes and policies of different ministries of Government of India in a focussed manner through ‘Whole of Government Approach’. 

This will also help in achieving the goal of “Sahakar-se-Samriddhi” though the inclusive growth model of cooperatives where the members would benefit both by realization of better prices through export of their goods and services and also by dividend distributed out of the surplus generated by the society.

Higher exports through the proposed society will increase production of goods and services by the cooperatives at various levels thus leading to more employment in the cooperative sector. Processing of goods and enhancing the services to match international standards will also generate additional employment. Increased export of cooperative products would, in turn, also promote “Make in India” thus leading to Atmanirbhar Bharat.

Scheme for Rupay Card Promotion

The Union Cabinet also approved the incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (person-to-merchant) for a period of one year from April 2022.

The approved incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) in FY 2022-23 has a financial outlay of ₹ 2,600 crore. Under the said scheme, acquiring banks will be provided financial incentive, for promoting Point-of-Sale (PoS) and e-commerce transactions using RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) for the current financial year FY 2022-23.

The Finance Minister, in her speech on the Budget for FY2022-23, announced Government’s intent to continue the financial support for digital payments announced in the previous Budget, with a focus on promoting use of payment platforms that are economical and user-friendly. 

Seeds Society

The Union Cabinet, chaired by the Hon’ble Prime Minister Shri Narendra Modi, has approved a historic decision to set up and promote a national level multi-state seed cooperative society under Multi State Cooperative Societies (MSCS) Act, 2002 which will act as an apex organization for production, procurement, processing, branding, labelling, packaging, storage, marketing and distribution of quality seeds; strategic research & development; and to develop a system for preservation and promotion of indigenous natural seeds; through various cooperative societies across the country with support from relevant ministries especially Ministry of Agriculture and Farmers Welfare, Indian Council for Agricultural Research (ICAR) and national Seed Corporation (NSC) through their schemes and agencies following the ‘Whole of the Government Approach’.

Society for Organic Products

The Cabinet also approved a historic decision of setting up and promoting a national level cooperative society for organic products. The Prime Minister has observed that all efforts should be made to leverage the strengths of cooperatives and transform them into successful and vibrant business enterprises to realize the vision of “ Sahakar-se-Samriddhi”.  It is thus imperative for the cooperatives to think globally and act locally to leverage their comparative advantage.