Cabinet nod to new cooperatives' plan

The Cabinet presided over by chief minister Narendra Modi on Tuesday gave an in-principle approval to draft the new cooperation policy for the, state. However, in the absence of a time limit for framing the policy it is unclear if the pre sent government. Will be able to implement the policy.

Speaking to reporters here at a post Cabinet meeting, agriculture minister Purshottam Rupala said the recent happenings in the cooperative sector has led to the erosion the people’s confidence in the cooperative sector and the new policy will aim to strengthen it and increase its credibility.

"The new policy will seek to extend the scope of the cooperative sector which had remained confined to just economic aspects but will extend the scope and completely rejuvenate it," Mr Rupala said. However, Mr Rupala said no time limit has been fixed for formulating the new policy.

Mr Rupala said a committee comprising state level officials, experts in the field of cooperation. academicians and educational experts will prepare a draft policy for the approval from state government.

Minister of state for cooperation Vadi Patel had recently told reporters that an ordinance framing new laws for the banking sector will be issued within a period of 10 days in view of the recent liquidation of weak banks. Mr Rupala, who in the absence of the cooperation minister was ill at ease, said the ordinance and the policy will be distinct from each other.

Republished from The Asian Age