The Rajya Sabha has approved the National Co-operative Development Corporation (NCDC) (Amendment) Bill, 2026, following the Lok Sabha's earlier approval. The bill aims to enhance the corporation's activities in industrial goods and provide funding for co-operative development.
The National Co-operative Development Corporation (NCDC) (Amendment) Bill, 2026 has been passed by the Parliament, with the Rajya Sabha giving its approval today. The Lok Sabha had already approved the bill. Minister of State for Cooperation Murlidhar Mohol introduced the bill, which seeks to amend the National Co-operative Development Corporation Act, 1962. The legislation allows the Corporation to engage in activities related to industrial goods and enables state governments to extend funding from the Corporation to any entity involved in co-operative development. Additionally, the Corporation can now provide loans and grants directly to cooperative societies or entities engaged in co-operative development.
In his response to the discussion, Mr Mohol stated that this bill is intended to strengthen the welfare and economic empowerment of millions of farmers across the country. He explained that NCDC was established to facilitate financial assistance for the organised and sustained development of the cooperative sector in India. The Minister noted that from 1963 until 2014, the previous government provided approximately 45 thousand crore rupees in financial assistance to the cooperative sector. However, he said that since 2014, this amount has increased significantly to around four lakh crore rupees.
Mr Mohol further highlighted that India's cooperative sector is one of the largest cooperative networks globally. As of today, there are more than eight lakh cooperative societies in the country, with around 30 crore members associated with them. He revealed that 80 thousand Primary Agricultural Credit Societies (PACS) are being computerised and enabled to undertake around 25 different types of business activities. The Minister also informed that Tribhuvan Sahkari University has been established to provide trained and skilled manpower for the cooperative sector. Through this institution, around 17 lakh young people will be trained over the next five years and will contribute to the cooperative sector. Mr Mohol concluded by mentioning that more than 163 major initiatives have been undertaken in the cooperative sector in just the last five years.
Source:
Akashvani News
