NEW DELHI: Prime Minister Narendra Modi on said the current global situation presents significant opportunity for the cooperative movement. Speaking at the ICA Global Cooperative Conference 2024 at the Bharat Mandapam in New Delhi, PM Modi talked about the importance of integrating the cooperative movement with the circular economy and promoting international collaboration.
“The current global situation presents a significant opportunity for the cooperative movement. Cooperatives must also establish themselves as a barrier for integrity and mutual respect in the world. For this, we need to innovate our policies and strategize effectively,” PM Modi said.
“For this, we need to innovate our policies and strategize. To make cooperative climate resilient, we need to link it to the circular economy. We need to discuss ways to encourage startups in the cooperative sector,” he said.
He stressed that cooperatives are deeply embedded in India’s culture and way of life, and play a crucial role in the nation’s future growth. Over the last decade, India has worked to transform its cooperative ecosystem, with a particular focus on multipurpose societies.
The Prime Minister revealed that India is expanding its cooperative movement, which is seen as central to the country’s social and economic development. “Our effort is to make cooperative societies multipurpose,” Modi said, referring to the establishment of a dedicated cooperative ministry to support this transformation. He also highlighted the critical role of cooperatives in sectors like housing and banking. Currently, about 2 lakh housing cooperative societies operate across the country, and the cooperative banking sector has been strengthened through government reforms, with approximately Rs 12 lakh crore deposited in cooperative banks.
Modi pointed to the global potential of cooperatives, suggesting that they can serve as “a barrier for integrity and mutual respect” across the world. “The current global situation presents a significant opportunity for the cooperative movement,” he said, advocating for a more innovative and strategic approach to policy-making in this sector. He also proposed the idea of creating large financial institutions to support cooperatives globally, 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, particularly in rural areas, where the government is setting up 2 lakh additional multipurpose cooperative societies. “I am confident that through this conference, we will gain more insights into India’s future cooperative journey,” he said.