PM Modi Calls For Linking Cooperatives With Circular Economy For Sustainable Growth

Modi highlighted the contributions of cooperatives in housing and banking, revealing that India has around 2 lakh housing cooperative societies

Prime Minister Narendra Modi greets UN-resident coordinator Shombi Sharp at the inauguration of Global Cooperative Conference, in New Delhi on Monday.

Source : PTI

Prime Minister Narendra Modi on Monday underscored the importance of integrating the cooperative movement with the circular economy while calling for enhanced international collaboration in the sector. Speaking at the ICA Global Cooperative Conference 2024 held at the Bharat Mandapam in New Delhi, Modi highlighted the cultural significance of cooperatives in India, describing them as a "basis of culture and a way of life."

The Prime Minister outlined India's vision for cooperatives, stating their pivotal role in the country's future growth. "Over the last 10 years, India has transformed the ecosystem of cooperatives. Our effort is to make cooperative societies multipurpose," he said, noting that this goal drove the creation of a dedicated Ministry of Cooperation. The ICA Global Cooperative Conference 2024 served as a platform for stakeholders to discuss advancing the cooperative movement and fostering international partnerships.

Key Contributions to Growth Sectors

Modi highlighted the contributions of cooperatives in housing and banking, revealing that India has around 2 lakh housing cooperative societies. He also noted significant reforms to strengthen the cooperative banking sector, which currently holds deposits of about Rs 12 lakh crore.

"India is among the fastest-growing economies in the world. Our aim is to achieve high GDP growth while ensuring the benefits reach the poor. The world needs to adopt a human-centric approach to growth," Modi said.

Focus on Circular Economy and Innovation

The Prime Minister stressed the need to make cooperatives leaders in integrity and mutual respect globally. He urged innovative policies to make cooperatives climate-resilient and linked them to the circular economy. Additionally, he called for strategies to encourage startups in the cooperative sector.

Empowering Villages and Women

Modi announced plans to establish 2 lakh new multi-purpose cooperative societies across Indian villages, aiming to deepen the cooperative movement. He also highlighted the significant participation of women in the sector, noting that 60 per cent of cooperative members are women.

Global Implications

The Prime Minister highlighted the potential of cooperatives to energise global cooperation, particularly benefiting countries in the Global South. "India believes cooperatives can provide new energy to global collaboration and aid nations in achieving the growth they need," he said.