Shillong, Dec 20: The state cabinet on Friday approved the establishment of the Meghalaya Livelihood Investment Financing Cooperative Society.
The new cooperative will function as a financial institution, providing funding and working capital to farmer groups and processing units. Its primary focus will be the agriculture and food‑processing sector, with the aim of improving cash flow to farmers and encouraging value‑added production.
“The idea of establishing this new cooperative society is basically to act as a financial institution that will fund cooperative societies and also support them and support farmers to put up different processing units and to be able to have enough working capital so that payments can be made to farmers on time,” the Chief Minister Conrad K Sangma explained while addressing the media after chairing the meeting.
“This will be primarily for the agriculture and food‑processing sector, and we see huge growth potential in the next three to four years. Financial accessibility will be a very critical part of ensuring that our strategy to promote value addition is successful.”
In addition to these initiatives, the cabinet also approved a minor amendment to the Meghalaya Planning Service Rules, updating certain nomenclatures and adding newly sanctioned posts as part of routine administrative housekeeping.
