PHD: Co-operators talk on making India developed thru’ joint efforts

The newly constituted Task Force on Cooperatives under the aegis of the PHD Chamber of Commerce and Industry (PHDCCI) organized a ‘National Cooperative Meet 2023’ last week on Friday at PHD House, New Delhi.

It was inaugurated by the NCUI President Dileep Sanghani and attended by Kribhco President Chandra Pal Singh Yadav, IFFCO MD Dr U S Awasthi, Biscomaun Chairman Sunil Kumar Singh, Sahakar Bharati General Secretary Uday Joshi, NCUI GC Member Mangaljit Rai, NCDC Chief Director R Vanitha and others.

In his welcome address, MD of Power Gilt Treasuries and the head of Task force on Cooperative Vineet Nahata apprised of the objective behind the constitution of the task force and how it will be helpful for the cooperative movement.

“Our aim is to ensure synergy between Corporates and the Cooperative Sector in a mutually beneficial way to work towards achieving the $5 trillion economy. During the Covid-19 pandemic, cooperatives across the country not only played a major role in helping their members but also supported the needy. Corporate institutions had to face many challenges at that time but co-ops tackled the situation effectively”, Nahata said.

Addressing the participants, IFFCO MD Dr U S Awasthi explained the differences between the working of Cooperatives and Corporates. “While the former work to help their members and each member has only one vote whether he/she has the highest share capital, corporates are linked to the share market. However, there should be healthy competition between cooperatives and corporates” he added.

Awasthi further added, “As far as IFFCO is concerned, we are working with many corporate companies but we never lose sight of the mantra of co-operatives which is to serve their members. Share value changes from time to time in corporates but it remains the same in cooperatives”, explained Dr Awasthi.

“There are many fields where cooperatives and corporations can work together. If you have to work in the cooperative sector, your motto cannot be merely to earn profit, but you also have to look at giving the best quality services to the members”, the IFFCO MD asserted.

In his address, NCUI and IFFCO Chairman Dileepbhai Sanghani informed about the Indian Cooperative Movement. “There are 8.5 lakh cooperative societies in India and 35 crore people are associated with the cooperative movement. NCUI is the apex body of cooperatives working for their upliftment”, he said.

“The Prime Minister of India created a separate ministry for cooperation. We all are working to achieve our PM’s vision of ‘Sahakar Se Samriddhi’. The Ministry of Cooperation has taken many initiatives for strengthening co-ops and more than 25 states have adopted the Model bye-laws for PACs created by the MoC”, Sanghani said.

Another speaker, NCDC Chief Director R Vanitha apprised the participants of the working of NCDC and its commitment to cooperatives. The meeting was attended by delegates from the corporate sector as well as the cooperative sector. Atul K Thakur, Joint Secretary, SDC (PHDCCI) moderated the event.