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 emphasised 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.
Denne historien er fra December 26, 2024-utgaven av Financial Express Chandigarh.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 26, 2024-utgaven av Financial Express Chandigarh.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Quick, quicker, quickest...
DELIVERIES AT ONE'S DOORSTEP AT LIGHTNING SPEED IS ALL-PERVASIVE
At the G, India up against Head-strong Australia
● In-form batter declared fit for Boxing Day Test
Noted Malayalam writer Vasudevan Nair dies
NOTED WRITER AND Jnanpith award winner M T Vasudevan Nair, who had been undergoing treatment at a private hospital in Kozhikode (Kerala) following heart failure, has passed away, hospital sources said on Wednesday.
Despite rising volume, muted crude prices help lower oil import bill
The softening in global crude oil prices over recent months has resulted in India's oil import bill contracting on a year-on-year basis in September, October, and November, despite import volumes rising in each of these months, latest petroleum ministry data shows.
Prosperity through cooperation
IN JUNE, THE United National General Assembly (UNGA) adopted a resolution proclaiming 2025 as the International Year of Cooperatives with 'Cooperatives Build a Better World' as the theme.
Office Leasing in Top Six Cities Hits Record: Report
WITH RISING DEMAND of premium workspaces, real estate consultant Anarock has said that realty firms are currently developing around 250 lakh square feet of office space across major cities for catering to the requirements of domestic and foreign companies.
The Angry Young Man
₹ impact on auto sector
Investors Get Good Exits in IPO Frenzy
IN FACT,
Russia Launches 'Inhuman' Christmas Day Attacks
RUSSIA ATTACKED UKRAINE'S energy system and some cities with cruise and ballistic missiles plus drones on Wednesday in an \"inhuman\" Christmas Day assault, Ukraine's President Volodymyr Zelenskiy said.
Honda-Nissan deal may hold key to fight against BYD
HONDA MOTOR ABSORBING Nissan Motor could give the two struggling Japanese brands the scale they need to take on China's BYD, sales figures released on Wednesday show.
