In the last 100 years, the cooperative sector in India has made a notable contribution to the country’s economic and social development. As of March 2020, there were over 8.5 lakh registered cooperatives in India, with a membership of over 25 crore people. They occupy around 98% of India’s core rural economy and register voluminous growth.
There was an established demand from the people associated with the cooperative sector that a separate ministry for cooperatives should be created in the center to provide much-needed administrative strength and policy support. Cooperatives in India are organized under various categories such as agriculture, credit, consumer, dairy, fisheries, handloom, housing, sugar, and others.
The most dominant type of cooperative in the country is seen operating in the agriculture sector. New areas are also emerging with the advancement of technology where cooperative societies are capable of playing a huge role. The movement can solve people’s problems with the help of people.
Thus, to strengthen these cooperatives there should be a market connection for agricultural farmers as well as a cooperative society with a comprehensive framework and administrative regulations. It will provide legal, and policy-related support for the growth of Indian cooperatives and can nurture them to make a place in the cooperative economy of the world. This will in turn streamline the process for ease of doing business and add new growth avenues.
The administrative strength will also allow the development of Multi-state Co-operatives (MSCS). It will work as a true people-based movement reaching up to the grassroots and evolving an economic model where each member’s efforts with the spirit of responsibility are accumulated to get a renewed motivation for the growth and development of economically backward areas of the country.
The cooperatives can work to keep in mind the vision of ‘Sahkar Se Samridhi’ (prosperity through cooperation. Even, to uplift the performance of export, clear regulations will play a crucial role. Through newly added administrative strength by the Union Government through the budget 2023-24, the process of agriculture credits and funds will be eased which will help the Indian rural population to overcome the burden of debt at the grassroots while leveraging the power of India’s rich cooperative heritage to promote the country’s economic growth.