The package was based on the report of the taskforce, headed by A Vaidyanathan, which was set to suggest measures to revive the beleaguered cooperative credit structure.
The package was approved by the Cabinet over a year ago in February 2005.
Presiding over the 62nd General Council meeting of the National Cooperative Development Corporation, the minister said the package would bring the credit structure to an acceptable level of health.
Besides, it would help introduce legal and institutional reforms necessary for their democratic, self-reliant and efficient functioning.
He said that the government had also entrusted the task of suggesting an implementable action plan to revive the long term cooperative credit structure to the same committee.
The meeting was told that the NCDC had disbursed a record Rs 2300 crore (Rs 23 billion) assistance to cooperative societies in 2005-06.
The NCDC is the development financial institution established exclusively for the cooperative sector. It was considering a programme of activities involving an outlay of Rs 1800 crore (Rs 18 billion) for 2006-07.
The agriculture minister said the government was considering amendment of the constitution to ensure democratic, autonomous and professional functioning of the cooperatives.
This was because the cooperatives suffered from acute dependency now. Unless independence and autonomy was granted to them, they could not become viable.
The credit cooperatives were expected to play a crucial role in attaining the annual growth rate of 4 per cent in the agriculture sector as visualised in the 10th plan document, he added.
He stressed the need to encourage employment generating investments in agriculture, agro processing, small scale industries and services sectors. He urged the NCDC to create a special cell to focus on rapid development of the north-eastern region through cooperative effort.
