SHILLONG, Aug 21 - Union Minister of State for Cooperation Mohanbhai Kalaynjibhai Kundaria today said cooperatives� development have huge potential in the North East and termed cooperatives as �engine of inclusive growth for socio-economic development.�
�There are huge potential for development of cooperatives in Northeastern region,� Kundaria said here at the Cooperative Summit for the Development of Cooperatives in North East.
The Union Minister added the cooperatives have changed the lives of small and marginal farmers, rural artisans, rural women and weaker sections of the society.
�We are giving special attention for agriculture development in Northeastern States. I hope that cooperatives would continue to play a vital role in developing the agriculture sector,� he said.
The Summit was organised by the National Cooperative Development Corporation (NCDC). NCDC, the Minister said, has been providing assistance for planning, promotion and financing of programmes for building storage and cold storage infrastructure in rural areas, besides other assistance.
NCDC, moreover, has included programmes such as Tourism, Hospitality, Transportation, Electricity and Energy, Rural Housing, Hospital, Health Care and Education within its fold for all round development of the country.
Kundaria also informed about the Integrated Cooperative Development Project (ICDP) being implemented in 300 districts of the country by the NCDC.
Moreover, the NCDC is also funding directly to the cooperatives performing well. �The loan recovery rate from the cooperatives is around 100 per cent and its net Non- Performing Asset is therefore nil,� the Minster stated.
However, NCDC Managing Director, Vasudha Mishra, said the NCDC is incapable of providing direct funding to the cooperative societies, indicating that the societies functioning in the region are not functioning to expected levels.
She also said the Northeastern region would soon receive Rs 100 crore annual funding to develop its Cooperative societies, she said. �The region so far has received Rs 400 core to develop the Cooperative sector and soon the funding would increase to Rs 100 crore annually,� Mishra said.