Direct Rbi Funds Urged For Ncdc Schemes

This could be done on the lines of funding to NABARD.

The interest rate charged from a promotional body like NCDC should be lower than the present 12 per cent, he said in his presidential address at the 43rd general council meeting of National Cooperative Development Corporation here.

The apex cooperative body is engaged in assisting programmes for raising agricultural production and productivity, creating storage facilities, supplying farm inputs and encouraging agro-industry, including sugar industry.

The general council approved Nationa Co-operative Development Corporations Rs 363 crore financial assistance for the development of cooperative sector.

The minister advised the apex cooperative body to concentrate its promotional activities in underdeveloped and backward areas.

 

He expressed the hope that the bill to amend the existing NCDC Act which had already been introduced in Parliament would be passed in the forthcoming session.

This would enlarge the scope of the corporation, enabling it play a more effective role in the expansion and modernisation of this sector.

NCDC managing director J P Singh informed the general council that the corporation had provided Rs 3675 crore till March 1996 as assistance to cooperative ventures engaged in marketing, storage and agro-processing.