The cooperative sector continues to play a pivotal role in advancing inclusive and sustainable economic growth, especially vital in a diverse and populous nation like India.
Aligned with Prime Minister Narendra Modi’s vision, the mantra “Cooperation is the foundation for a sustainable economy” is steadily becoming a transformative reality. This vision recognizes that mere GDP growth or foreign investment cannot truly define development unless economic benefits reach every section of society.
In this context, India’s cooperative movement, comprising more than 8.5 lakh registered societies and over 29 crore members, has become a robust platform for integrating rural and marginalized communities into the mainstream economy.
The establishment of a dedicated Ministry of Cooperation in 2021 marked a historic milestone. Under the dynamic leadership of Union Home and Cooperation Minister Shri Amit Shah, the ministry has implemented over 60 transformative initiatives in just four years, aiming to reposition cooperatives as key engines of both rural progress and national development.
Significant among these efforts are the digitization of Primary Agricultural Credit Societies (PACS), the mission to set up one PACS in every gram panchayat, and enabling PACS to take up over 25 commercial activities, including warehousing, custom hiring centers, and input distribution.
A bold allocation of Rs 3.78 lakh crore over five years highlights the government’s commitment to strengthening infrastructure, skill development, and capacity-building across agriculture, dairy, and fisheries. These are sectors where cooperatives have deep roots and proven impact.
Further, the proposal to establish a dedicated university for cooperatives and the modernization of the decades-old National Cooperative Policy reflect a forward-thinking approach to equipping the sector with knowledge, innovation, and regulatory flexibility.
India’s impressive rise from the 11th to the 5th largest global economy has seen meaningful contributions from the cooperative sector. Looking ahead, the sector is expected to generate 5.5 crore direct jobs and 5.6 crore self-employment opportunities by 2030, significantly supporting India’s goal of becoming a developed nation by 2047.
The upcoming National Urban Cooperative Finance and Development Corporation (NUCFDC) is another progressive step aimed at reforming urban cooperative banks through simplified RBI regulations. This will ensure they are more responsive to the financial needs of urban India.
At its core, the cooperative movement reflects the timeless values of India: swadeshi, self-reliance, harmony, and collective prosperity. It is not merely an economic instrument but a socio-cultural force propelling the nation’s transformation toward an equitable, inclusive, and resilient future.