Syllabus: GS-III, Subject: Economy, Topic: Agriculture and allied sector, Issue: New Grain Storage Plan
Context: Prime Minister launched world’s largest grain storage plan in the cooperative sector.
- Aiming to set up storage infrastructure of 700 lakh metric tons over five years.(Almost double of existing storage capacity)
- Pilot project being carried out by primary agricultural credit societies.
Expected benefits:
- Cut down losses due to lack of adequate infrastructure.
- Enable farmers to sell their output at an opportune time in terms of prices.
- emphasis on co-operative societies.
+1 Advantage:
| · The Union Budget 2023-24 provides for computerizing Primary Agricultural Credit Societies (PACS).
· Reserve Bank of India reported 1.02 lakh PACS in India. · 81% of PACS members are small and marginal farmers. · These societies facilitate around 60% of lending by district central cooperative banks. · Despite their significance, less than 50% of PACS were profitable according to the study. |
