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Union Minister Amit Shah emphasized the importance of expanding the cooperative sector and transforming it into a significant contributor to the Indian economy, projected to reach $5 trillion by FY28. Shah made these remarks during the inauguration of the new office of the Central Registrar of Cooperative Societies (CRCS) in South Delhi. Developed by the state-owned NBCC, the office was acquired at a cost of Rs 175 crore.
Shah highlighted that the government has undertaken 60 major initiatives in the past 30 months to promote the growth of the cooperative movement. He stressed that while there have been success stories in the cooperative sector since independence, it has not grown at the desired pace. In order to rectify this, Shah stated that cooperatives will play a significant role in Prime Minister Narendra Modi’s vision of a $5 trillion economy, catapulting the sector from the 19th century into the 21st century.
To strengthen the cooperative movement, the government has introduced amendments to The Multi-State Co-operative Societies Act and implemented model bye-laws to reinforce Primary Agricultural Credit Societies (PACS). Additionally, the government aims to establish 2 lakh multipurpose PACS, Dairy, and Fishery Cooperatives in the next five years. Shah also emphasized the need to open more banks in the cooperative sector and encouraged multi-state credit societies to convert themselves into banks.
Furthermore, Shah acknowledged the significant growth in the registration of multi-state co-operative societies, which increased from 10 in 2020 to 102 in 2023. He also highlighted the innovative products developed by IFFCO, namely nano liquid urea and nano liquid DAP (di-ammonium phosphate), which are expected to witness a surge in demand in the future. Additionally, PACS are providing drones to farmers for spraying nano urea and nano DAP.
In conclusion, Amit Shah’s inauguration of the CRCS office underscored the government’s commitment to promoting the cooperative sector and ensuring its substantial contribution to the Indian economy.
Cooperatives are set to play a significant role in the ambitious goal of achieving a $5 trillion economy in India. Union Home Minister Amit Shah believes that cooperatives have the potential to contribute a substantial share to this target.
Cooperatives are organizations owned and operated by a group of individuals who come together to achieve common economic, social, and cultural goals. By pooling resources, knowledge, and skills, cooperatives foster inclusive growth and empower communities.
With a focus on sectors such as agriculture, dairy, fisheries, and handloom, cooperatives have the potential to boost employment, enhance productivity, and improve the livelihoods of millions of Indians.
Recognizing their importance, the government has taken several initiatives to promote and strengthen cooperatives. This includes providing financial support, technical assistance, and training to help them thrive in the competitive market.
By harnessing the power of cooperatives, India aims to create a more equitable and sustainable economy, where the benefits are shared by all segments of society.
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