Union Cooperation Minister announces new cooperative life insurance firm to boost sector growth
Union Cooperation Minister Amit Shah announced that a cooperative life insurance company will soon be established to boost the growth of cooperatives in India. Speaking on the fifth Foundation Day of the Ministry, Shah stated that the Cooperation Ministry has revitalized the cooperative movement, which was "neglected" during the Congress rule. He highlighted the expansion of cooperatives beyond traditional sectors like dairy and sugar, citing Bharat Taxi's success. Shah also mentioned initiatives like creating a database of the sector, establishing Tribhuvan Sahkari University in Anand, Gujarat, and transferring/inaugurating numerous grain godowns to bring transparency and professionalism.
Key Points
- A cooperative life insurance company will be established soon to promote the growth of cooperatives in India.
- Union Cooperation Minister Amit Shah stated that the Ministry has revitalized the cooperative movement.
- Cooperatives are expanding beyond traditional sectors, with examples like Bharat Taxi's success in ride-hailing.
- Initiatives include creating a database for the sector, establishing Tribhuvan Sahkari University, and modernizing grain storage infrastructure.
- The Ministry aims to bring transparency and professionalism to the cooperative ecosystem without interfering in State subjects.
Exam Facts
- Union Cooperation Minister: Amit Shah.
- Announcement made on the fifth Foundation Day of the Ministry.
- Tribhuvan Sahkari University to be established in Anand, Gujarat.
- 135 grain godowns with 75,000 tonnes capacity transferred.
- 85 godowns inaugurated, foundation stone laid for 47 grain storage godowns.
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