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Indian Express
a day ago
- Business
- Indian Express
GDP alone cannot decide country's growth, Amit Shah
Union Minister for Home and Cooperation Amit Shah on Friday said that India's growth cannot depend merely on GDP numbers but employment generation is also a key factor. 'The steps taken by Prime Minister Narendra Modi will ensure that the cooperative sector grows equally across the country and it will be a big boost to the economy. Our country cannot grow merely on GDP. With a population of 130-140 crore, the GDP will grow rapidly for sure. But everyone should get employment as well. If the rural women, youth are to get employment, then cooperation is the only tool which connects them to employment opportunities,' said Shah. He was speaking at the national conference organised by Nafed on the occasion of 2025 being the International Year of Cooperatives. Earlier, Shah said that cooperative sector weakened in the northern and eastern parts of the country and maintained to work towards symmetrical development in the coming years. 'We are already taking steps to change uneven growth of the cooperative sector to symmetrical development. The co-operative movement had weakened in the northern and eastern parts of the country and was stable mostly in western India…Cooperative sector provides for growth and development of the economy with less capital and more profit. We will make the cooperation sector progress with landmark growth and strengthen it in the nook and corner of the country,' Shah said. Shah said cooperative movement revolutionalised the rural economy and gave the example of Amul in Gujarat where 36 lakh women associated with it didn't even have Rs 100 in capital but have today handling a turnover of Rs 80,000 crore. He mentioned that dal, maize, oil seeds can be sold to Nafed from farmers and if the market rate is more, farmers can sell the produce directly. 'It is to ensure that farmers get the maximum profit,' he said. Shah said the cooperation ministry has compiled a data of cooperative units in the country so that the government knows where the vacuum is and how to expand it. Two lakh new primary agriculture credit societies (PACS) will also be formed and will be made multi-dimensional, he said.
Hindustan Times
13-06-2025
- Business
- Hindustan Times
Govt approves MSP procurement of 54,166 tonnes moong from Haryana, Gujrat, UP
The government has approved the procurement of 54,166 tonnes of moong from Haryana, Gujarat and Uttar Pradesh at a minimum support price (MSP), along with the procurement of 50,750 tonnes of groundnut from Uttar Pradesh. The procurement of the summer crops of 2025-26 will be undertaken under the central Price Support Scheme (PSS), which is activated when market rates fall below the MSP. Agriculture minister Shivraj Singh Chouhan approved the proposal to purchase crops under PSS to protect farmers' interests. The minister also approved a 15-day extension of the procurement period in Andhra Pradesh till June 26. The government has permitted the procurement of 100% production of tur, urad and masur in 2024-25 under the PSS to incentivise farmers, enhance domestic pulse production and reduce import dependence. This initiative has been extended for another four years till 2028-29. Procurement under the PSS is undertaken by central nodal agencies National Agricultural Cooperative Marketing Federation of India (Nafed) and National Cooperative Consumers' Federation of India (NCCF).
Time of India
12-06-2025
- Business
- Time of India
Govt approves procurement of 54,166 tonnes moong, 50,750 tonnes groundnut under PSS
(You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The government has approved procurement of 54,166 tonnes of moong from Haryana, Gujarat and Uttar Pradesh at a minimum support price (MSP), along with the procurement of 50,750 tonnes of groundnut from Uttar procurement of the summer crops of 2025-26 will be undertaken under the central Price Support Scheme (PSS), which is activated when market rates fall below the Minister Shivraj Singh Chouhan approved the proposal to purchase crops under PSS to protect farmers' interests. The minister also approved a 15-day extension of the procurement period in Andhra Pradesh till June government has permitted procurement of 100 per cent production of tur, urad and masur in 2024-25 under the PSS to incentivise farmers, enhance domestic pulse production and reduce import dependence. This initiative has been extended for another four years till under the PSS is undertaken by central nodal agencies National Agricultural Cooperative Marketing Federation of India (Nafed) and National Cooperative Consumers' Federation of India (NCCF).
Time of India
02-06-2025
- Entertainment
- Time of India
Hussain paintings set to be auctioned following HC order
Mumbai: Following a Bombay high court order in February directing the Mumbai sheriff to proceed with an auction of over two dozen MF Hussain paintings, the sale is scheduled this month in Mumbai. HC this year appointed Dadiba Pundole's art gallery to conduct the auction sale, said the sheriff's report. The paintings—25 in all—were among those commissioned by industrialist Guru Swarup Srivastava of the Swarup Group of Industries and later attached in an alleged case of Rs 236 crore loan default. The sheriff's report also informed HC that these works were originally painted by Hussain at the Pundole Art Gallery premises in 2004 in Mumbai to document "the most significant moments in the history of the 20th century". The auction will have works from 'Our Planet Called Earth' series. The highest expected price, estimated last May, is Rs 2.5 crore for a painting, the lowest, Rs 60 lakh. The paintings include works called 'Charlie and Kid,' 'Horses in Jungle,' 'Gym Men,' 'Waiter,' 'Industrial Revolution,' and 'Chess.' Some of the canvases are very large (72 inches by 52 inches), HC said. On Mar 4, 2025, a division bench of HC justices B P Colabawalla and FP Pooniwalla heard an appeal filed by the Swarup Group against a Feb 17 order of justice Riyaz Chagla which had permitted the auction to proceed. The bench after hearing the Group's lawyers Mamta Sadh, Kainaz Irani, and Prasad Das, and advocate Shashipal Shankar for National Agricultural Cooperative Marketing Federation of India Ltd (Nafed) said it was "not inclined to entertain" the appeal and allowed Swarup Group to withdraw it. In 2008, an arbitral tribunal had ordered the Swarup Group to pay Nafed Rs 104 crore. In 2010, Nafed petitioned HC as a claimant for executing the tribunal's order to recover the amount. HC had in Sept 2010 issued a warrant of attachment of movable properties based on which the sheriff's office attached the 25 paintings. HC directed the city police commissioner to provide 24-hour police protection at the place where the paintings are stored from 20 March 2025 until the completion of the auction process. The sheriff's office has to place a report to the high court on Jun 16. The high court said the auction would be supervised by its officer.
Time of India
30-04-2025
- Business
- Time of India
Marketing Federation MD suspended over Rs 5.5cr fraud
Panaji: The Registrar of Cooperative Societies has suspended, Kashinath Naik, managing director of the Goa State Cooperative Marketing and Supply Federation till the inquiry into his alleged role in a Rs 5.5 crore fraud is over. The suspension order was issued based on recommendations of the committee of administrators. The administrators have identified another transaction involving a staff member that allegedly resulted in a financial loss to the tune of Rs 1.95 crore. The federation bought 1,589 metric tonnes of onion from Nafed (National Agricultural Cooperative Marketing Federation of India) at Rs 35 per kg between Oct 22 and Nov 11. The onions were to be sold in Goa at a subsidised rate but were allegedly sold at a higher price for personal gains. The suspension comes months after a complaint was filed in Nashik for allegedly defrauding NAFED and other federations of Rs 5.5 crore. Officials with the Registrar of Cooperative Societies said that a detailed inquiry and disciplinary proceedings is being initiated. Local authorities will coordinate with the Nashik police 's economic offences wing .
