DW BUREAU / Dhuri (Sangrur)

Punjab Chief Minister Bhagwant Mann on Thursday felicitated cooperative societies of the Dhuri circle, which recovered more than 99 per cent of their loans.

Addressing a gathering during a function to commemorate the International Year of Cooperation, the chief minister said it is a matter of immense pride and satisfaction that the societies of the Dhuri circle have set a new benchmark by recovering more than 99 per cent of the loans.

A special programme has been chalked out to felicitate these societies, he said, adding that it is heartening to see that these societies have done exceptional work.

The cooperative sector needs to be strengthened as it will ensure benefit to farmers and other stakeholders, he said. He urged farmers and others to open their accounts in cooperative banks that offer 3 per cent less interest on loans than other banks.

The CM further said the state government is roping in experts from banking sectors to further enhance efficiency of these institutions.

Batting for simple weddings, he said it is the need of the hour so that farmers can be pulled out of the vicious cycle of debt. Farmers should come out of the mad race of competing with each other on spending the money lavishly just as their neighbours or relatives, he said. He also called upon farmers to adopt the technique of using farm equipment on custom hiring basis from cooperative societies as it will help them curtail their expenditure.

The state government was already giving huge subsidies to the cooperative societies for purchasing such equipment, he said.

Mann said his government is already laying a major thrust to strengthen the cooperative sector in the state. The cooperative sector is the lifeline of the country, which has played a pivotal role in the socio-economic development of the country in the post-independence era, said Mann.

The cooperative movement has immensely benefitted all sections of society, particularly the farming community, who played a crucial role in making the country self-reliant in food production, Mann said.

(editor@dailyworld.in)