Marking its official launch recently in New Delhi, attended by global leaders and representatives of the United Nations, Prime Minister Narendra Modi highlighted the importance of these grassroots business enterprises, mostly owned by their members, saying cooperatives are the vital cog in India's economic wheels of progress, in delivering benefits to the poor, and that the sector serves as a glue for the Global South.
The Global South also feels the same way. At the conference, Bhutan Prime Minister Dasho Tshering Tobgay said the Himalayan country was building a new city spread over 2,500 sq km based on a cooperative model. While Tobgay emphasized the need to strengthen cooperation among cooperatives to guarantee global prosperity, for Fiji's deputy Prime Minister Manoa Kamikamica, cooperatives are the Pathways out of Poverty.
India's cooperative sector is over a century old. Cooperatives are the foundation of Indian culture and a way of life. The Cooperative Credit Society Act, enacted in 1904, provided a legal basis for cooperative societies. India, or rather Bharat, now has over 850,000 cooperative societies accounting for 25% of all cooperatives worldwide. Nearly 98% of rural India is covered by cooperatives. Around 300 million, or one out of every five Indians, are associated with the cooperative sector.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
DDF strengthens its Senior Management Team
DF has further strengthened its senior management team with the appointment of eight senior executives across major departments in recent months.
Demerit act by Kohli on Konstas' striking debut
● Indian fined 20% fee for shoulder barge with teenager
The 'global' price factor
Long years of inward-looking policies by govts to blame
China clears world's largest dam in Tibet near India border
INFRA PUSH
Govt Mulls Tax Relief for Middle Class
THE FINANCE MINISTRY did not immediately respond to an email seeking comment.
In a first, EatSure launches multi-restaurant ordering
EATSURE, THE D2C platform of online restaurant company Rebel Foods, on Thursday announced the launch of a new feature allowing users to order from multiple restaurants in one order.
Dhindsa: Talk less, deliver more
IT IS SUCH attention to detail that's helping Blinkit leave the competition behind by a mile.
A weak rupee may jack up import bills
A weakening Indian rupee is expected to increase import costs, particularly for oil and gas, but the impact may be offset by declining oil prices. The impact on other imports, such as coal, smartphones, edible oils, pulses, and fertilizers, varies depending on factors like trade terms, margins, and domestic production.
World Looks at India for Youth Power: PM on Veer Bal Diwas
HIGHLIGHTING HOW YOUTH energy has played a significant role in the country's progress, Prime Minister Narendra Modi said on Thursday that the world looks at India with hope and expectation because of its youth power, which is driving new revolutions.
'Skilled jobs can power urban development'
Panellists discussed how cities can boost employability and create enablers for migrant workers to remain invested at the Lucknow edition of IE Thinc: CITIES series, presented by The Indian Express with Omidyar Network India. The session was moderated by Udit Misra, Associate Editor
