Cooperatives vital for India’s economic progress, says PM Modi
The five-day conference will feature discussions and workshops to strengthen cooperatives worldwide and their role in achieving the United Nations Sustainable Development Goals
NEW DELHI: Cooperatives have a major role in India’s economic progress and reaching its benefits to the poor, and serve as a glue for the Global South, Prime Minister Narendra Modi on Monday said in an address at the global launch of the International Year of Cooperatives.
On June 19 this year, the UN General Assembly adopted a resolution proclaiming 2025 as the International Year of Cooperatives, a move mooted by India. Monday’s conference, which was attended by several global leaders and UN representatives, marked its official launch.
Inaugurating the International Cooperative Alliance’s Global Cooperative Conference 2025 at Bharat Mandapam, Modi said his government was pushing cooperatives to the forefront of the economy. The theme of the conference, “Cooperatives Build Prosperity for All,” aligns with India’s vision of “Sahkar se Samriddhi” (prosperity through cooperation), Modi said.
Bhutan’s Prime Minister Dasho Tshering Tobgay said cooperation among cooperatives will bring global prosperity. “There are 129 cooperatives and 722 farmers groups, comprising 17,000 members, in Bhutan,” he said. Tobgay said Bhutan was building a new city, Gelephu, spread over 2,500 sq km along India’s border, based on a cooperative model.
Addressing global leaders, Union home and cooperation minister Amit Shah said: “Administrative reforms with our vision of ‘Sahkar se Samriddhi’ has rejuvenated the sector. The government plans to establish a national cooperative university and unveil a new cooperative policy during the current financial year.”
Cooperatives are grassroots business enterprises owned jointly by their members, where profits and losses are shared equally. India’s cooperative sector is over a century old and provides livelihood to millions, especially women, in sectors such as dairy, fisheries, finance, housing and agriculture.
Amul, the country’s largest dairy brand, runs on a cooperative model, as does Iffco, the largest fertiliser company. The country also has a large network of cooperative-based urban and rural banks.
The five-day conference will feature discussions and workshops to strengthen cooperatives worldwide and their role in achieving the United Nations Sustainable Development Goals (SDGs), particularly in areas such as poverty alleviation, gender equality and sustainable growth.
Fiji’s deputy prime minister Manoa Kamikamica said the cooperative movement in Fiji started in 1940. “There are 650 cooperatives across 15 sectors in Fiji. Cooperatives are pathways out of poverty,” he said.
In July 2021, the Modi government created the ministry for cooperation, helmed by Union minister Shah, carving it out of the farm ministry. The Centre has since rolled out several changes to digitise and expand a sector that plays a key role in the rural economy.
“The global conference of the International Cooperative Alliance is being organised for the first time in India. In India, we are expanding the cooperative movement. I am convinced we will get insights into India’s future cooperative journey through this conference. Besides, through the experiences of India, the global cooperative movement will get tools of the 21st century and a new spirit,” Modi said.
“In India’s cooperative sector, women’s participation is more than 60%. We are trying to increase the participation of women in the management of cooperatives and for this, we have amended the Multi-State Cooperative Society Act to make it compulsory to have women directors in it,” the Prime Minister said. Last year, Parliament enacted the Multi-State Cooperative Societies (Amendment) Act, 2022, to improve governance of national-level cooperatives.
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