Categories: Current AffairsSchemes

PM Modi Launches World’s Largest Grain Storage Scheme: Strengthening Cooperative Sector

Prime Minister Narendra Modi inaugurated and laid the foundation stone for key initiatives aimed at bolstering the cooperative sector in India. The pilot project for the ‘World’s Largest Grain Storage Plan in Cooperative Sector’, expansion of PACS, and digital transformation aim to enhance food security, economic development, and governance, benefiting millions of farmers. The ceremony, held at Bharat Mandapam in New Delhi, marks a significant step towards enhancing food security, economic development, and governance within the cooperative domain.

World’s Largest Grain Storage Plan

Inauguration: PM Modi inaugurated the pilot project for the ‘World’s Largest Grain Storage Plan in Cooperative Sector’, covering 11 Primary Agricultural Credit Societies (PACS) across 11 States.
Objective: The initiative aims to integrate PACS godowns into the food grain supply chain, bolstering food security and fostering economic development.
Support: Supported by NABARD and led by the National Cooperative Development Corporation (NCDC), the project converges various schemes including the Agriculture Infrastructure Fund (AIF) and Agriculture Marketing Infrastructure (AMI).

Expansion of PACS and Agri Infra

Foundation Stone Laying: PM Modi laid the foundation stone for an additional 500 PACS nationwide, facilitating the construction of godowns and agricultural infrastructure.
Collaborative Effort: PACS participating in the project will benefit from subsidies and interest subvention under existing schemes.
Objective: The initiative aims to integrate PACS into the broader agricultural framework, enhancing efficiency and resilience.

Digital Transformation of PACS

Inauguration of Project: PM Modi inaugurated a project for the computerization of 18,000 PACS across the country.
Financial Outlay: With a budget exceeding Rs 2,500 crore, the initiative involves transitioning functional PACS onto a unified Enterprise Resource Planning (ERP) based national software.
Linkage: By linking PACS with NABARD through State Cooperative Banks and District Central Cooperative Banks, the project aims to enhance operational efficiency and governance, benefiting small and marginal farmers.