Srinagar, March 19: To reshape the cooperative sector, Jammu and Kashmir Government has laid out a strategic five-year plan as part of the ‘Viksit Jammu and Kashmir 2047’ to enhance the sector’s economic contribution by 10% annually.
As per the official document which lies with Rising Kashmir the government outlines the registration of 4,000 new cooperatives and societies, which will open doors for 200,000 new members.
It also said that the aspect of this plan is the emphasis on equitable representation for Scheduled Castes (SC) to ensure that the cooperative movement is reflective of UT’s diverse population.
It further said that innovation is a cornerstone of the plan, with the introduction of two new brands and the exploration of at least two new sectors through innovative cooperatives.
The move is expected to bring fresh ideas and approaches to the cooperative sector to drive it towards modernization and efficiency, it added.
The digitization of Primary Agricultural Credit Societies (PACS) and their integration with District Central Cooperative Banks (DCCBs) is a step towards streamlining operations and enhancing service delivery, it said adding that this digital leap will not only improve the functioning of cooperatives but also make them more accessible to members.
It further said that education and skill development are also prioritized in the plan with the establishment of cooperative schools in every district is an initiative aimed at educating members and equipping them with the necessary skills to thrive in the cooperative sector.
The formation of apex-level cooperative societies in sectors such as dairy, marketing, and unique products will provide a platform for sharing best practices and fostering excellence, it added.
It said that financial stability is a key goal, with measures in place to enable DCCBs to obtain banking licenses by adhering to RBI norms.
The plan also focuses on revitalizing the State Cooperative Bank (STCB) and bringing it back to a growth trajectory.
It said that the revival of the SCARD Bank and the setting up of cooperative super bazaars in every district are initiatives that will build a strong foundation for the cooperative infrastructure.
