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

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

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

“Our effort is to make cooperative societies versatile,” he said, highlighting the creation of a dedicated Ministry of Cooperation as testimony to this vision.

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

Highlighting India’s global economic ambitions, Modi said: “India is one of the fastest growing economies in the world. Our goal is to achieve high GDP growth and benefit the poor. There is a need for the world to view growth from a people-centered perspective.

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 set up another 2 lakh multi-purpose cooperative societies in villages.

Women’s contributions to the cooperative movement have been particularly praised, with Modi noting that 60 percent of cooperative members in India are women, highlighting their role in shaping the sector.

In a global context, Modi has positioned the Indian cooperative model as an engine of inclusive development, particularly for countries in the South. He emphasized: “Cooperation can bring new energy to global cooperation and help countries achieve the kind of growth they need. »

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