Cabinet approves Rs 1 lakh crore scheme to increase grain storage in cooperative sector

The Union Cabinet on Wednesday approved a Rs 1 lakh crore programme to increase foodgrain storage capacity by 700 lakh tonne in the cooperative sector. Addressing a press conference, Information and Broadcasting Minister Anurag Singh Thakur said presently, the grain storage capacity in the country is about 1,450 lakh tonne which will expand to 2,150 lakh tonne in the next five years

The world's largest food storage scheme has been approved in the co-operative sector today. This scheme will be implemented at the cost of Rs 1 lakh crore. Under this scheme, a godown of a capacity of 2000 tonnes will be constructed in every block. An inter-ministerial committee… pic.twitter.com/wGnvbzyct1

— ANI (@ANI) May 31, 2023

As part of the scheme, he said a godown of a 2000-tonnes capacity will be constructed in every block. “An inter-ministerial committee will be formed for this,” he added. Terming the proposed scheme as the “world’s largest foodgrain storage programme” in the cooperative sector, he said the move is aimed to reduce the damage of food grains due to a lack of storage facilities, help in checking distress sales by farmers, reduce import dependence and create employment opportunities in rural India. The move will be a win-win for both agricultural societies and farmers as well as consumers, the minister said. He said more storage capacity will reduce transportation costs for farmers and strengthen food security, adding that the farmers, apart from storing their produce in the facilities, will also be able to get up to 70 per cent loans from these societies. India annually produces about 3,100 lakh tonne of foodgrains, but the existing godowns can store only up to 47 per cent of the produce. India has 65,000 agricultural cooperative societies. The minister said a decision to start City Investments to Innovate, Integrate and Sustain - CITIIS 2.0 program has also been taken. With inputs from agencies Read all the Latest News, Trending News, Cricket News, Bollywood News, India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.