The cooperatives in India are more than a century old. The emergence of cooperatives in a formalized form can be traced to the passing of the “Cooperative Credit Societies Act, 1904” even though some of the cooperatives may have been established prior to that. Subsequent legislative initiatives include Cooperative Societies Act, 1912 which provided for the formation of noncredit societies and federal cooperative organisations. Provinces like Bombay, Madras, Bihar, Orissa and Bengal enacted their own cooperative laws on the lines of the 1912 Act. In 1942, the government enacted the Multi Unit Cooperative Societies Act which was an enabling instrument for incorporation and winding up of cooperative societies.
The Short Term Credit Cooperative Structure (STCCS) is spread throughout the length and breadth of India with the presence of one Primary Agricultural Cooperative Societies (PACS) on an average in every sixth or seventh census village. The only other network that has similar geographical spread is the India Post. As at 31st March 2014 there are 93,0421 PACS in India as against 154,8822 Post Offices as on the same date.
The grass-root level PACS are supported by the federated structures at the district level – District Central Cooperative Bank (DCCB); state level State Cooperative Bank (StCB). With the exception that in some States two tier system exits viz., PACS and StCB. Within a state the StCB plays the role of an apex level entity at the state level and respective DCCB plays the role of an apex level entity at the district level or for a cluster of districts.
Significance of Cooperatives:
The significance of PACS can be highlighted with the following: the share of cooperatives in the institutional credit to agricultural was as high as 62% in the year 1992-933, even though this has been declining nationally (17% in 2011-124) in some states it is still more than 50%5 ; during the year 2011-12 the cooperatives provided agricultural credit to 30.9 million farmers as compared to 25.5 million farmers by the commercial banks and 8.2 million farmers by Regional Rural Banks (RRBs)6.
Reforms to address Challenges:
The Royal Commission on Agricultural observed that if cooperation fails there will fail the best hope of rural India 7. Notwithstanding such importance of the STCCS, these entities are repeatedly challenged on their poor governance and management and financial health. The following extract from the STCCS Revival Package emphasises the needed reforms to strengthen the STCCS and thus contains the message on challenges that STCCS faces:
هذه القصة مأخوذة من طبعة August 2016 من The Management Accountant.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة August 2016 من The Management Accountant.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
UNVEILING DIGITAL HEALTH AND ELECTRONIC HEALTH RECORD THE IMPENDING MECHANISMS TO AMELIORATE HEALTHCARE EFFICACY IN INDIA
With sustainable economic growth potential and foreseeable improvement in public service delivery, India needs instruments to improve sectoral productivity in healthcare. In the modern world of technological advancements, digital intervention is inevitable to increase healthcare effectiveness. Digital health includes multiple digital care mediations ensuring the convergence of digital technologies with wellness, treatment, healthcare, and society to improve the efficacy of service delivery and make medicines more explicit and user-specific.
IMPLEMENTING AN INTEGRATED HOSPITAL COST MANAGEMENT SYSTEM
The unique features of Healthcare Sector and their Business Process Flow are a big challenge to implement an Integrated Cost Management Solution. Even though a Hospital may have an effective Medical Information System of Patients and an ERP, they still struggle with implementing a Costing System; this is because the information is in different Silos. To implement an effective Costing System, the cost structure should be either inbuilt in the ERP or should have information flowing in from the Accounting and Patient Information. Identifying the Cost Elements and their classification, defining Cost Objects and their hierarchy and mapping the flow of information from Accounting and Medical Information System are pre-requisite for an Integrated Cost Management Solution. With the rapid development in information technology many IT firms/ERP use Data Connectivity for seamless integration. An integrated Costing System will facilitate online reporting and help Management in decision making on Pricing, Profitability and Cost Control.
INAUGURATION OF LONDON OVERSEAS CENTRE OF COST ACCOUNTANTS ON 23rd JANUARY 2021
On the auspicious occasion of 125th birth anniversary of Netaji Subhas Chandra Bose on 23rd January or ‘Parakram Diwas’ this year, The Institute of Cost Accountants of India added a feather in its cap through the grand opening of London Overseas Centre of Cost Accountants (LOCCA), the first ever European centre in the heart of London. It was highly supported by British Deputy High Commission, Kolkata, India Business Group and UK India Business Council.
EMPLOYEE WELLNESS PROGRAM: ITS BENEFITS SURPASS ITS COST
When a person falls ill, it costs a lot not only in monetary terms but also in terms of his mental well-being. Not only the person who has fallen ill suffers, his family, friends also have to suffer because of his illness. The same logic applies to an organization also. When an employee falls ill, the whole organization suffers. In order to avoid such damages and disturbances, precautions are to be taken. For that, employee wellness program is a great panacea. Employee Wellness Program is the program run by an employer in order to improve employee health and also to help an individual employee to overcome any specific health related issue. So, the organizations should implement such Employee Wellness Programs to reap the benefits of the same. In this article, how Employee Wellness Programs can be executed, types of wellness programs and their benefits are discussed.
DIGITAL TRANSFORMATION ADVANCEMENTS IN APPLICATIONS OF BLOCKCHAIN TECHNOLOGY THE EVOLVING POWERHOUSE OF INDUSTRY 4.0
The idea for processing transactions in a cryptographically secured chain of blocks was first revealed in 1991 by computer scientists Stuart Haber and W. S. Stornetta.
MSME And Its Impact On Indian Economy
Abstract Small businesses are the backbone of any economy. Micro, small and medium enterprises provide employment and economic opportunities to millions of Indians. The growth of MSME will bring the underprivileged to a good position in the economy. Instead of making the rich richer, overall growth will make a prosperous India.
Government Procurement From MSME's The Present & The Future
Abstract The MSMEs in India are considered to be the real engines of growth for the economy and their healthy participation in Government Procurement will have its own beneficial spin offs to the society. Government is doing a lot to encourage them but still some more things will empower these lilliputs to become economic giants and contribute in nation building.
VISION OF “ATMA NIRBHAR BHARAT” ROLE AND SIGNIFICANCE OF MSME
The present paper aims to explore the changing role of MSMEs (Micro, Small and Medium Enterprises) in making India ‘Atmanirbhar’.
REVIVAL OF MSMEs (POST COVID-19) STRATEGY OF CMAs
Abstract There has been an unprecedented slowdown due to Covid-19 and MSMEs are worst affected. Given their pivotal role in Indian economy, urgent measures need to be taken for their survival, revival and growth. Indian Government has taken various initiatives including Atma Nirbhar Package, however, still majority MSMEs are looking for timely guidance and hand holding at this critical phase. CMAs are known for rich experience in finance, domain expertise in cost management and sound knowledge of Indian regulatory mechanism. CMAs can play role as ‘Economic Warrior’ while offering customised strategy for revival of ailing MSMEs which will in turn boost up economic growth and help our grand nation to be ‘USD 5 Trillion’ economy soon.
MICRO, SMALL & MEDIUM ENTERPRISES IN NEW TECHNOLOGICAL ERA CHALLENGES & ROAD AHEAD
Abstract We live in the world which is rapidly changing due to technological advancements. The technological advancements lead to fourth industry revolution which is known as “Industry 4.0”. This digital revolution is changing the business models of all manufacturing & service industries whether it is large, small or medium. The need of adopting latest and modern technology is realised not only for large scale industries even small and medium size industries to compete in global market.
