Sore at credit co-ops Vice Prez lauds Iffco and Amul

Vice President Hamid Ansari has said the cooperative credit societies have not been able to provide adequate and affordable credit to the small-scale farming sector but lauded the role of Amul and IFFCO in making a difference.

Citing the examples of dairy cooperatives in Gujarat and the Indian Farmers Fertilizer Cooperative as success stories in the sector he wanted others to emulate them, reports PTI.

The vice -president was addressing the foundation day function of Nagpur Sahakari Bank.

The vice-president blamed cooperative credit societies’ dismal performance on a gamut of factors such as “overbearing role and intervention by the government, politicization of cooperative leadership, small size of agricultural credit societies and lack of professional management”.

The cooperative movement could play an important role in quickening the pace of the country’s economic development, the vice-president said.

Noting that the cooperative sector in India was the biggest in the world, he said our founding fathers saw the cooperative movement as an important tool in carrying forward the policy of rapid and equitable economic development.

Underlining its role he said the sector has played a pivotal role in the economy, especially in primary sector production. Union Transport Minister Nitin Gadkari, Union Minister of State for Home Hansraj Ahir and Maharashtra Energy Minister Chandrashekhar Bawankule were also present on the occasion.

Given the role of agriculture in India’s economy, cooperatives remain an important plank in our approach to equitable development and as an important conduit for delivery of goods and services in areas not serviced by Government or private channels, Ansari said.