The Co-operative sector stands poised to play a pivotal role in propelling India to become one of the world’s top economies, according to defence minister Rajnath Singh. During an event in Ahmednagar, Maharashtra, on August 31, 2023, he emphasized that the creation of a distinct Ministry of Cooperation underscores the government’s commitment to this sector, which has undergone revitalization and fortification.
Singh highlighted Prime Minister Narendra Modi’s commitment to positioning India among the world’s top three economies during his third term, with cooperative societies steering this trajectory. He affirmed that cooperatives will be instrumental in India’s economic progress.
The minister underlined the flourishing state of the cooperative sector today, not just constitutionally but through the establishment of the Ministry of Cooperation under the Prime Minister’s leadership. This ministry’s inception marks a significant push for the cooperative movement.
The cooperative movement has become a beacon of prosperity for farmers. Societies such as NAFED, IFFCO, and AMUL have played crucial roles in farmers’ social and economic advancement. Expanding beyond agriculture, these cooperatives are venturing into the banking sector, providing low-interest loans to members for agriculture and small-scale industries.
Discussing Farmer Producers Organizations (FPOs), Singh highlighted their role in organizing farming from cultivation to export. This has enhanced crop yields and empowered farmers in export negotiations, cementing FPOs’ importance in agricultural development.
The government’s ‘Sahakar Se Samriddhi’ scheme aims to rejuvenate various sectors, including the cooperative sugar industry. Urban and rural cooperative banks are also being reinforced. This collective effort aims to foster a robust cooperative movement across the nation, aligning with the mantra of “Prosperity through cooperation.”
Self Help Groups (SHGs) emerged as an essential vehicle for women’s employment. Singh highlighted their significant role in women’s social and economic empowerment. In his Independence Day speech, Prime Minister Modi announced the aspiration to aid around two crore women through SHGs, a move that aims not only at economic empowerment but also rural employment creation.
He showcased the government’s vision of intertwining the interests of workers and entrepreneurs with the nation’s interests, ushering in economic prosperity. Since taking office, the government has tirelessly strived to align laborers’ and entrepreneurs’ wellbeing with the nation’s growth.