Union Minister of Cooperation Amit Shah on Friday unveiled a series of transformative initiatives aimed at revitalising India&rsquo;s cooperative ecosystem. Key among them is the establishment of a cooperative insurance company to serve the specific needs of cooperative institutions, providing customised insurance solutions and financial security.
Speaking at a NAFED conference, Shah also announced the formation of two lakh new Primary Agricultural Cooperative Societies (PACS), ensuring presence in every panchayat across the country. These PACS will be multifunctional, handling up to 22 activities such as petrol pump operations, gas distribution, water supply maintenance under &lsquo;Har Ghar Nal Se Jal Yojana&rsquo;, and railway and air ticket bookings.
Of the 71,000 PACS currently in India, nearly 52,000 have become operational through digitisation efforts. Shah further shared that the Tribhuvan Sahkari University, which will function at the national level, will have its foundation laid by August.
He also highlighted that Sahakar Taxi Cooperative Limited has been formally registered to empower taxi drivers. This cooperative model ensures that cab drivers are co-owners, allowing for democratic governance and equitable profit-sharing.
In a significant relief measure, Shah revealed that the Centre has waived ₹15,000 crore in income tax liabilities of cooperative sugar factories in Maharashtra and introduced reforms to ease the cooperative sector&rsquo;s tax burden.
&ldquo;Cooperation is not just a system in India, it's a philosophy &mdash; of unity, shared goals, and collective effort,&rdquo; Shah said.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]&nbsp;

Govt to Launch Cooperative Insurance, 2 Lakh New PACS

Amit Shah announces major reforms to boost India’s cooperative sector

Govt to Launch Cooperative Insurance, 2 Lakh New PACS

Amit Shah announces major reforms to boost India’s cooperative sector

June 21, 2025 | 01:11 IST