|| SHANIWAR SAMWAD || 28-08-2022

 Recently, going through the daily newspaper, the success of a few PACS was discussed. The stories in the newspaper are true as some of them are doing it professionally without any interference from the political class.

These PACS are giving different kinds of credit support to their members like loans for seeds, pesticides, education, housing, marriage, etc. Also, they are taking deposits with a good return for them. The charges for loan or rate of interest is minimum for members.

Other allied services like purchasing grain at MSP or above without any agent. The sale of these grains which generates cash with profit is distributed to members.

A slew of reforms with PACS and cooperative banks were announced recently.

The main reform which was carried out by the central government and the RBI is the professionalization of its board. Computer and software for 63000 nos of PACS.

The annual income of farmers to be doubled is the desire of the government then cooperatives should be strengthened in need of hours as they have deep penetration in the rural belt. 

Presently, the sector is in the clutches of politicians who are using it for their own political gains.

The sector is needed for good of the agriculture sector as well as farmers.

The other important aspect of the above is the inclusion of members in Financial benefit transfer. 

The tailor-made product for the members will be offered which will help them in the creation of wealth which will open other opportunities.

The war between Russia and Ukraine is in full swing, with claims and counterclaims by each side. The toll due to the war is fully visible now in the world with high inflation and a strong indication of recession in many major economies around the world.

The oil and gas supply cut by Russia for western European countries is making conditions worst for them, but the supply cut is also giving pain to Russia.

We are already purchasing crude and diesel from Russia at discount and paying them in Rupees.

The bilateral business is around $13B and both sides are trying to take it up to $30B in near future.

Now, gas will come to our country which will be in a deep discount to prevailing market price, the payment will be in Rupees. 

The net outcome of the war is that our payment gateway developed by NPCL i.e. RUPAY payment system is going to be recognized by Russia the same way we will recognize their payment system MIR.

Russia will be the third major country after UAE and Singapore which support our gateway.

The bilateral payment in respective local currencies is going to lift pressure on forex reserve and will make other countries do the same in their local currencies which will make our own Rupee a major currency in the future.

The multipolar world order is in making with India playing its card carefully and at right time.

The world order is going to change in the coming time, and India is at the center of the fulcrum. The 

recession-proof economy is our strength and it is going to be our time.