The government plans to establish good governance and networks in the cooperative sector to ensure transparency and accountability
FinTech BizNews Service
Mumbai, July 24, 2024: The Union Budget 2024-25, presented by the Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman in Parliament on Tuesday, has a number of points in favour of the cooperative sector. Coop veteran Jyotindra Mehta, Chairman Of the Board of Apex Coop Finance and Development Company, the umbrella organization for urban cooperative banks and credit societies, is highly appreciative of the budget provisions for the coop sector:
Following are the key highlights:
National Cooperation Policy
The government plans to introduce a National Cooperation Policy to develop the cooperative sector, focusing on systematic, orderly, and all-round development.
Provision for Agriculture and Allied Sectors
A provision of Rs1.54 lakh crores has been made for agriculture and allied sectors including the cooperative sector.
Fast-track Growth of Rural Economy
The policy aims to fast-track the growth of the rural economy and generate employment opportunities on a large scale.
Strengthening Cooperative Credit Structure
The government plans to strengthen the cooperative credit structure and financing, and create infrastructure and technology to promote the cooperative sector.
Promoting High-Quality Education and Research
The government aims to promote high-quality education, training, and research in the cooperative sector to develop skills and knowledge.
Good Governance and Networks
The government plans to establish good governance and networks in the cooperative sector to ensure transparency and accountability. "The government's focus on developing the cooperative sector is expected to boost the rural economy and generate employment opportunities."
Youth with full of Ideas and energy will change the rules of the game for the entrepreneurs.
1. Budget provides the increase in MUDRA loan limit to 20 lacs.
2. Angel tax is removed, hence, helping hands to entrepreneurs will not suffer with taxation burden. 3. Credit guarantee limit and accessibility with ease and enhanced limit for young entrepreneurs, who are striving their business ideas in to reality and "youth will turn into job givers instead of job seekers".
Finance Minister has long term vision of Viksit Bharat and has focused on Global vision.”
