On 24 February, 2024, Prime Minister Narendra Modi inaugurated and laid the foundation stone of several major initiatives for the cooperative sector at Bharat Mandapam in New Delhi with the aim towards strengthening the cooperative sector of the country.

On this occasion, Union Home Minister and Minister of Cooperation Shri Amit Shah, Union Agriculture and Farmers Welfare Minister Shri Arjun Munda, Union Consumer Affairs, Food and Public Distribution Minister Shri Piyush Goyal, Minister of State for Cooperation Shri BL Verma as well as other dignitaries were present. PM Modi inaugurated the pilot project of world's largest grain storage scheme in cooperative sector in 11 Primary Agricultural Credit Societies (PACSs) in 11 states.

Besides, the Prime Minister laid the foundation stone for an additional 500 PACSs across the country for the creation of godowns and other agriculture-related infrastructure and also inaugurated the project for computerisation of 18,000 PACSs, aligning with the government's vision of 'Sahakar se Samridhi' to rejuvenate the cooperative sector and empower small and marginal farmers.

The National Bank for Agriculture and Rural Development (NABARD) supports this collaborative effort, spearheaded by the National Cooperative Development Corporation (NCDC). For a 'Viksit Bharat', it is important to modernise the agricultural sector. For this, the government is preparing organisations such as PACs for new roles. These organisations are also working as Pradhan Mantri Jan Aushadhi Kendra.

The initiative is implemented by converging existing schemes like the Agriculture Infrastructure Fund (AIF) and Agriculture Marketing Infrastructure (AMI). This enables PACS participating in the project to avail subsidies and interest subvention benefits for infrastructure development. With a financial outlay of over Rs 2,500 crore, this project involves transitioning all functional PACS onto a unified Enterprise Resource Planning (ERP) based national software.