India's cooperative sector poised for growth as a worker-centric development model
India's Ministry of Cooperation, completing five years, is spearheading a transformation of the cooperative sector into a worker-centric model of development. Traditionally confined to agriculture, cooperatives are now expanding into services, aiming for policy coherence across various sectors. Through reformed legal frameworks, Primary Agricultural Credit Societies (PACS) are empowered to undertake over 25 business activities, fostering rural economic services. The Ministry is facilitating national-level multi-State cooperative societies to enhance market access and strengthen value chains, with a new National Cooperation Policy in the making, despite challenges like corruption and the need to balance consolidation with decentralisation.
Key Points
- The Ministry of Cooperation is working to transform India's cooperative sector into a worker-centric development model.
- Cooperatives are expanding beyond agriculture into services, with policy coherence across various sectors.
- Primary Agricultural Credit Societies (PACS) are being empowered to undertake diverse business activities in rural India.
- The initiative aims to foster growth, market access, and value chain strengthening, while addressing challenges like corruption and ensuring decentralisation.
Exam Facts
- Ministry of Cooperation completed five years on July 6.
- Primary Agricultural Credit Societies (PACS) are empowered to undertake over 25 business activities.
- Union Home Minister Amit Shah holds the Cooperation portfolio.
- A National Cooperation Policy is currently in the making.
Read it. Retain it. Recall it.
Get spaced-repetition flashcards, daily quizzes and offline access — free on Android.