Co-operators welcome MSCS Amendment Bill 2022; call it historic

Some of the co-operators Indian cooperative talked to, soon after the passage of MSCS Amendment Bill 2022 Tuesday evening have given their quick reactions welcoming the Bill.

Majority of leaders have welcomed the bill with Satish Marathe veteran co-operator seeking more from it. Marathe says the Bill is a step forward towards achieving Prosperity Through Cooperation. Now Sahakar Bharati Expects States to Follow Suit.

NCUI Chairman Dileep Sanghani, who is in Gujarat welcomed the Bill and said the Bill will strengthen the cooperative movement in the country by bringing in governance and transparency. He is coming to Delhi on Thursday when he promised to discuss the Bill in greater detail with the Indian Cooperative team.

ICA-AP President Dr Chandra Pal Singh Yadav has also welcomed the Bill, saying it will lead to strengthening of cooperative movement in the country.

In his brief reaction, IFFCO Managing Director Dr U S Awasthi said “We welcome the Bill”.

Reacting to the development, Sahakar Bharati President D N Thakur said “The Amendment Bill will usher in a new era for the development of cooperatives in the country through the route of autonomy and freedom from the shackles of inefficiency and mismanagement.

RBI Board member and veteran co-operator Satish Marathe listed his reactions concerning many points which are as follows

1. A Forward Step Towards Achieving Prosperity Through Cooperation. Now Sahakar Bharati Expects States to Follow Suit.
2. Provisions Relating to Recovery Not Enough. More Was Expected to Give Teeth to Recovery Efforts of Coops.
3. So Also, CoOps Should Have Been Empowered to Tap Capital Markets To Raise Long Term Funds Through Issue Of Equity & Bonds Just As Co-op Banks Have Been empowered as per the amended Banking Regulation Act.
4. Similarly, To Promote Partnerships Between -a. Coops & State b Coops & Public/Private Sectors MSCS Act Should Have Enabling Provisions.

Many other leaders could not be contacted but the Indian Cooperative promises to come out with their reactions sooner than later.

It bears recalling that amidst sloganeering by Opposition MPs on the Manipur issue in the House, the Multi-State Co-operative Societies (Amendment) Bill, 2022 aimed at amending the Multi-State Co-operative Societies Act, 2002 has been passed in Lok Sabha with a voice vote Tuesday evening.