The grant will help the association to improve the quality of their products and services.
The measure also seeks to help in adopting a market-oriented approach to obtain additional sale outlets.
The minister of Business, Jim Seetaram, explained, “Cooperatives do form part of the new economic strategy of the government and the start up entrepreneurship scheme
announced in the budget is an excellent platform to drive potential women entrepreneurs.”
Seetaram also pointed out that cooperatives are also qualified as Small and Medium Enterprises and they are likely to benefit from all incentives provided to the sector.
“The Small And Medium Enterprise Development Authority (SMEDA) and the cooperatives division of my ministry are working in close collaboration to facilitate enterprise development.
Moreover, the increasing participation of women and the youth have to be enlisted by all stakeholders,” he added.
For those who wish to form a cooperative with lifetime facilities, a minimum of five members is required and they will have to pay a registration fee of Rs 500 to the ministry and SMEDA.