Finance
Prime Minister Shri Narendra Modi chaired a high-level meeting to review the progress of the cooperative sector earlier today at 7 LKM. Discussions were held on promoting “Sahkar Se Samruddhi” bringing transformation through technological advancements in the sector, plans to increase the participation of youth and women in cooperatives, and the various initiatives of the Ministry of Cooperation.
Prime Minister emphasized the need for partnerships with global cooperative organizations to expand the Indian cooperative sector and stressed promoting organic products through cooperative organizations. He also suggested focusing on export markets and developing a soil testing model through cooperatives to improve agricultural practices. Prime Minister highlighted the importance of integrating UPI with RuPay KCC cards to facilitate financial transactions and emphasized the need for healthy competition among cooperative organizations.
Prime Minister also emphasized the importance of documenting the assets of cooperative organizations to ensure transparency. He suggested promoting cooperative farming as a more sustainable agricultural model. He recommended the use of digital public infrastructure (Agristack) to expand agriculture and related activities in Cooperative Sector, providing farmers with better access to services. In the context of education, Prime Minister proposed introducing cooperative courses in schools, colleges, and IIMs, as well as promoting successful cooperative organizations to inspire future generations. He further added that young graduates should be encouraged to contribute, and Cooperative organisations should be ranked based on their performance, so as to promote competition and growth simultaneously.
During the meeting PM was briefed about National Cooperation Policy and key achievements of the Ministry of Cooperation over the past three and a half years. Realising the vision of ‘Sahkar Se Samruddhi’, the Ministry has formulated a draft of the National Cooperation Policy 2025 through an extensive consultation process. The objective of National Cooperation Policy 2025 policy is to facilitate the systematic and holistic development of the cooperative sector, with a focus on accelerating rural economic development, while prioritizing women and youth. It aims to promote a cooperative-based economic model and establish a robust legal and institutional framework. Furthermore, the policy endeavours to deepen the grassroots impact of cooperatives and significantly enhance the contribution of the cooperative sector to the overall development of the country.
Since its inception, the Ministry has undertaken 60 initiatives across seven key areas to promote and strengthen the cooperative movement. These initiatives include the digitization of cooperative institutions through the National Cooperative Database and Computerization Projects, as well as the strengthening of Primary Agricultural Credit Societies (PACS). Additionally, the Ministry has focused on enhancing the efficiency and sustainability of cooperative sugar mills.
The Government of India has implemented various schemes for cooperative societies through a “whole of government approach,” integrating over 15 schemes from more than 10 ministries at the PACS level. As a result, there has been diversification in cooperative businesses, additional income generation, increased opportunities for cooperatives, and improved accessibility of government schemes in rural areas. Annual targets have also been set for the formation of these cooperatives. To promote cooperative education, training and research and to provide skilled professionals, a Bill to convert IRMA Anand into “Tribhuvan Cooperative University” and make it an Institution of National Importance has been introduced in the Parliament.
Prime Minister was briefed on the growth of cooperatives and their vital role across various sectors. Cooperative sector’s contribution to India’s economy, particularly in agriculture, rural development, and economic inclusion was highlighted. During the meeting it was highlighted that presently, one-fifth of the country’s population is associated with the cooperative sector, which includes over 8.2 lakh cooperative institutions spanning more than 30 sectors, with a membership exceeding 30 crore individuals. Cooperatives play a crucial role in several areas of the economy.
The meeting was attended by Home and Cooperation Minister, Shri Amit Shah; Secretary, Ministry of Cooperation, Dr. Ashish Kumar Bhutani; the Principal Secretary to PM, Dr. P.K. Mishra, Principal Secretary-2 to PM Shri Shaktikanta Das; Advisor to PM, Shri Amit Khare and other senior officials.
Source”: PIB
