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Cooperative sector under threat: VS

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Valedictory: Chief Minister V.S. Achuthanandan arrives to inaugurate the valedictory of the golden jubilee celebrations of the Thiruvananthapuram District Cooperative Bank on Tuesday.
Valedictory: Chief Minister V.S. Achuthanandan arrives to inaugurate the valedictory of the golden jubilee celebrations of the Thiruvananthapuram District Cooperative Bank on Tuesday.

Special Correspondent

Thiruvananthapuram: Chief Minister V.S. Achuthanandan has accused the Union government of trying to destabilise the cooperative sector.

Delivering the inaugural address at a function held here on Tuesday to mark the valedictory of the year-long golden jubilee celebrations of the Thiruvananthapuram District Cooperative Bank, he said the restrictions imposed on clearing cheques issued by cooperative banks would have an impact on the performance of the cooperative sector.

He said the recommendations of the Vaidyanathan committee would be counterproductive for the robust cooperative sector in the State. The committee’s proposal for conditional release of funds for various development programmes would work to the disadvantage of the sector, he added.

Mr. Achuthanandan said the cooperative sector in Kerala had diversified into several areas, such as medical care, education, banking and retail trade. “It has emerged as a symbol of self-reliance, helping the state to escape the clutches of the rapacious private sector. The market intervention by the Department of Cooperation and Supplyco helped to hold the price line in the State during the just-concluded Onam festival season,” he said.

The Chief Minister stressed the need to strengthen and promote the cooperative sector as a bulwark against globalisation and the neo-liberal agenda of imperialist forces. “There is an urgent need to equip the sector for these challenges,” he said.

S. Sundaresan, president of the bank, presided. A. Sampath MP, and V. Sivankutty MLA, were present.

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