PM Modi Advocates Linking Cooperatives To Circular Economy; Highlights Efforts To Establish 2 Lakh New Cooperative Societies

Prime Minister Narendra Modi underscored the importance of integrating the cooperative movement with the principles of a circular economy and fostering international collaboration to maximise its potential. 

Addressing the ICA Global Cooperative Conference 2024 at Bharat Mandapam, he highlighted that cooperatives in India are deeply rooted in culture and serve as a way of life.

Modi emphasised the pivotal role of cooperatives in India’s future growth trajectory, noting that over the past decade, significant reforms have been implemented to revitalise the cooperative ecosystem.

“Our effort is to make cooperative societies multipurpose,” he said, pointing to the establishment of a dedicated Ministry of Cooperation as a testament to this vision.

Cooperatives, Modi noted, are playing an increasingly significant role in key sectors such as housing and banking. India currently has about 2 lakh housing cooperative societies, and the cooperative banking sector has been significantly strengthened through targeted reforms. Presently, cooperative banks hold deposits amounting to Rs 12 lakh crore.

Highlighting India’s global economic ambitions, Modi stated, “India is among the fastest-growing economies in the world. Our aim is to achieve high GDP growth and take the benefits to the poor. It is necessary for the world to see growth from a human-centric angle.”

He further called for innovation in policies and strategies to make cooperatives more resilient and climate-friendly by linking them to the circular economy. 

Modi encouraged exploring avenues to promote startups within the cooperative sector, identifying this as a key growth area for the future.

The Prime Minister also announced the government’s commitment to expanding the cooperative framework, with plans to establish an additional 2 lakh multipurpose cooperative societies in villages.

Women’s contributions to the cooperative movement were especially lauded, with Modi noting that 60 per cent of cooperative members in India are women, underscoring their role in shaping the sector.

In a global context, Modi positioned India’s cooperative model as a driver for inclusive development, particularly for nations in the Global South. He noted, “Cooperativeness can provide new energy to global cooperation and help countries achieve the kind of growth they need.”

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