India
The current global situation presents an important opportunity for the cooperative movement: PM Modi | India News – Times of India
“The current global situation presents an important opportunity for the cooperative movement. Cooperatives must also position themselves as a barrier to integrity and mutual respect in the world. For this, we need to innovate our policies and develop an effective strategy,” PM Modi said.
“For this we need to innovate our policies and devise a strategy. To make the cooperative climate resilient, we must link it to the circular economy. We need to discuss ways to encourage startups in the cooperative sector,” he said.
He emphasized that cooperatives are deeply entrenched in Indian culture and way of life, and play a crucial role in the country’s future growth. Over the past decade, India has been working to transform its cooperative ecosystem, with a particular focus on multifunctional societies.
The Prime Minister revealed that India is expanding its cooperative movement, which is seen as crucial for the country’s social and economic development. “Our effort is to create cooperative associations multifunctional,” Modi said, referring to the creation of a special cooperative ministry to support this transformation. He also emphasized the crucial role of cooperatives in sectors such as housing and banking. Currently, there are about two lakh housing cooperatives operating across the country, and the cooperative banking sector has been strengthened by government reforms, with about Rs 12 lakh crore deposited in cooperative banks.
Modi pointed to the global potential of cooperatives, suggesting they can serve as “a barrier to integrity and mutual respect” around the world. “The current global situation presents a significant opportunity for the cooperative movement,” he said, calling for a more innovative and strategic approach to policymaking in this sector. He also proposed the idea of creating major financial institutions to support cooperatives worldwide, building on the work already done by the International Cooperative Alliance (ICA).
The Prime Minister also reaffirmed India’s commitment to expanding the cooperative movement, especially in rural areas, where the government is establishing an additional two million multi-purpose cooperative societies. “I am confident that through this conference we will gain a better understanding of India’s future cooperation journey,” he said.
