North News
New Delhi, November 25
Prime Minister Narendra Modi on Monday emphasized the cultural and historical significance of cooperatives in India, describing them as a way of life rather than just an economic model. Speaking at the inauguration of the ICA Global Cooperative Conference 2024 at Bharat Mandapam, Modi highlighted the roots of cooperativism in Indian traditions and its role in shaping the nation’s economic and social landscape.
“For the world, cooperatives are a model, but for India, they are the foundation of our culture and a way of life,” Modi said. Drawing from Vedic scriptures and the Upanishads, he underscored the values of coexistence and collective effort, which mirror the essence of cooperatives.
Modi traced the role of cooperatives in India’s freedom struggle, citing Mahatma Gandhi’s Gram Swaraj movement and the Khadi industry as pivotal examples. He also credited Sardar Patel for uniting farmers through milk cooperatives like AMUL, which have since become global brands. “Cooperatives in India have grown from an idea to a movement, from a revolution to empowerment,” Modi added.
Global Cooperation and Domestic Impact
Modi welcomed international dignitaries, including Bhutan’s Prime Minister Dasho Tshering Tobgay and Fiji’s Deputy Prime Minister Manoa Kamikamica, alongside leaders from the International Cooperative Alliance (ICA) and the United Nations. He noted that the conference coincided with an expansion of India’s cooperative movement, positioning the country as a global leader in this sector.
Highlighting India’s extensive cooperative network, Modi revealed that the country has over 8 lakh cooperative societies, involving nearly 30 crore people. “Nearly one in five Indians is part of the cooperative sector, covering 98% of rural India,” he said. Sectors such as sugar, fertilizer, fisheries, and milk production have particularly benefited, with housing cooperatives also expanding significantly.
Strengthening Cooperative Banking
Modi outlined reforms in the cooperative banking sector, including increased deposit insurance coverage and bringing cooperative banks under the Reserve Bank of India’s purview. “Over ₹12 lakh crore is now deposited in cooperative banks, reflecting growing trust,” he noted, adding that these measures have enhanced transparency and competitiveness.
Future Vision for Cooperatives
The Prime Minister highlighted the government’s efforts to modernize cooperatives through IT integration, linking them with cooperative banking institutions, and encouraging multipurpose activities. From retail operations to water management and renewable energy projects like the Gobardhan scheme, cooperatives are driving rural development.
“India sees a huge role for cooperatives in its future growth,” Modi said, emphasizing the creation of a dedicated Cooperative Ministry and the introduction of model by-laws to transform the sector. He added that cooperatives are now providing digital services in villages and helping increase members’ incomes through diverse activities.
Concluding his address, Modi thanked the United Nations for declaring 2025 as the International Year of Cooperatives and expressed confidence that India’s experience would provide global insights while benefiting from international expertise.
