India now needs public-co-operative model for balanced, effective development: new RBI director

Following implementation of the public-private partnership under the new economic policy, the nation now needs the public-co-operative model for a balanced and effective development, said newly-appointed RBI director Satish Marathe.

Speaking at a function organised by Sahakari Bharati here on Wednesday night to felicitate him on his appointment to the Board, he said, “The public-private partnership was the centrepiece of the new economic policy. However, even today, co-operative movement has been playing a major role and making a big contribution to the social and political fields. After the success of the public-private partnership policy, the nation now is in need of the public-co- operative model to have a balanced and effective development.”

Mr Marathe expressed that many countries adopted the co-operative movement for their development, but unfortunately India was lagging  behind.

If the co-operative sector has been contributing more in terms of employment opportunities to many other sectors, then it is necessary to give justice to this field also from constitutional and strategic planning point of view, he said.

“Under the new economic policy, the public-private partnership was given a free hand. If we wish to achieve a long-term balanced and effective development, then we need to have a public-co-operative model than the public-private partnership, he stressed.

Calling for a change in over a century-old cooperative laws of the country, Mr Marathe said that he shall take initiative on two points — one is that the Reserve Bank should prepare a new vision document for co-operative sector and secondly, we need to make some changes in the Banking Regulation Act to incorporate the urban banks.

He feared about the present atmosphere of starting a new era of corporate money lending with privatisation of banking sector and expressed that the NITI Aayog should give priority to the co- operative sector in its policy.

Pointing that the minimum support price and loan waiver to the farmers are not the only solutions, he said, “if 100 per cent processing industries on farm produce are set up, then only real justice will be given to the farmers.”

While comparing this situation with America, the RBI director said that in America 80 per cent processing is done on the farm produce, whereas in India this percentage was only 20 and suggested that this scenario should be changed in the future.

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