Q. Consider the following statements regarding “cooperative societies”:
1.98 per cent of villages are covered by Primary Agriculture Credit Societies (PACS).
2.19 per cent of agriculture finance is through cooperative societies.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C
Notes:

Explanation: The cooperative societies, especially in the agriculture, dairy and fisheries sectors, provide the rural population with livelihood opportunities and a financial safety net with a community-based approach. Cooperatives hold the key to rural economic transformation.

  • There are 8.5 lakh registered cooperatives in the country, having more than 29 crore members mainly from the marginalised and lower-income groups in the rural areas, and 98 per cent of villages are covered by Primary Agriculture Credit Societies (PACS).
  • To realise the vision of “Sahakar-see-Samriddhi”, a renewed impetus was given to the growth of the cooperative sector.
  • Currently, around 19 per cent of agriculture finance is through cooperative societies.

Source: Economic Survey