Union Home Minister and Minister of Cooperation Amit Shah inaugurated the International Year of Cooperatives (IYC) 2025 calendar and launched the National Urban Cooperative Finance and Development Corporation (NUCFDC) office in Mumbai.
This event also marked the initiation of training for 10,000 new Multipurpose Primary Agricultural Cooperative Societies (M-PACS) members. Key dignitaries, including Maharashtra Deputy Chief Ministers Eknath Shinde and Ajit Pawar, were present.
Shah announced that the Ministry of Cooperation has developed a 12-month program to celebrate IYC 2025, aimed at expanding the cooperative sector, ensuring transparency, and enhancing inclusivity.
He highlighted that by the end of the International Year in December 2025, India’s cooperative movement would grow symmetrically, significantly contributing to the nation’s vision of “Sahkar Se Samriddhi” (Prosperity through Cooperation).
He emphasized the cooperative sector’s pivotal role in achieving India’s long-term goals of becoming a global economic powerhouse and a developed nation by 2047. Shah highlighted the importance of social harmony, equality, and inclusivity in advancing cooperatives.
The launch of NUCFDC aims to bring urban cooperative banks to par with national and private banks within three years, enhancing services such as digital banking, mobile banking, and international trade transactions. The corporation will integrate over 1,465 urban cooperative banks and 8.25 lakh cooperative institutions, focusing on improving resources, banking processes, and unifying accounting systems.
Shah also highlighted the government’s efforts to resolve issues with urban cooperative banks through
coordination with the Reserve Bank of India. The umbrella organization will enable seamless financial transactions among cooperatives, improving trust and business opportunities.
He noted that the principle of “Cooperation Amongst Cooperatives” would strengthen the sector’s self-reliance and enhance economic outcomes. The government has invested Rs 2,500 crore to computerize PACS and modernize operations. A ranking system covering PACS, dairy, fisheries, urban cooperative banks, and other sectors has been introduced, evaluating parameters such as audits, financial performance, and branding to improve funding access and transparency.
Shah also highlighted the cooperative sector’s success in ethanol production, boosting sugar mill profitability, and the recent approval of 10 lakh tonnes of sugar exports, benefiting Maharashtra’s cooperatives. He revealed plans to establish the Tribhuvan National Cooperative University, named after Gujarat cooperative leader Tribhuvan Das Patel, to develop skilled professionals for cooperatives and rural development.
He reiterated the government’s commitment to “Sahkar Se Samriddhi” and “Samriddhi Se Aatmanirbharta” (Self-reliance through Prosperity), envisioning a future where cooperatives play a significant role in driving employment, agriculture, and rural development across India.
