Punjab Government’s 2024 Initiatives: Loan Relief, Cooperative Bank Upgrades, Enhanced Storage, and Promotion of Phulkari

Under the visionary leadership of Chief Minister Bhagwant Singh Mann, the Punjab Government has implemented transformative initiatives in 2024 to empower the cooperative sector and preserve cultural heritage. These steps include loan relief under the One-Time Settlement (OTS) scheme, modernization of cooperative banks, construction of new warehouses, and promotion of Punjab’s iconic Phulkari embroidery.

A spokesperson for the Chief Minister’s Office highlighted the introduction of the OTS scheme in 2023, offering significant loan relief to borrowers. In the financial year 2024-25 alone, ₹368 crore was provided as relief to 8,453 defaulters, resolving ₹150 crore worth of loans. The scheme remains active until February 28, 2025. With a robust network of 20 Central Cooperative Banks, 803 branches, and 3,523 Primary Agriculture Societies, the government is enhancing banking services with ₹160 crore allocated for technological upgrades, to be completed by June 30, 2025.

To tackle storage challenges, Markfed has launched an ambitious warehouse construction project with a combined capacity of 44,910 metric tons. Warehouses with a capacity of 25,810 metric tons across three locations are already under construction, set to complete by November 30, 2025. This is part of a broader plan to achieve 1.24 lakh metric tons of storage capacity, strengthening Punjab’s agricultural infrastructure.

Additionally, Markfed is championing Punjab’s cultural symbol, Phulkari. In collaboration with the National Institute of Fashion Designing (NIFD), New Delhi, it is providing artisans with financial aid and expert training. This initiative not only preserves the rich legacy of Phulkari embroidery but also boosts artisans’ incomes while ensuring consumers receive authentic, high-quality products.

The Punjab Government’s multifaceted approach reflects a commitment to economic growth, social welfare, and cultural preservation, setting a benchmark for development in the region.

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