New Delhi, Dec 9 (KNN) In the backdrop of India’s contracting exports, the central government is preparing to set up a National Cooperative Export Society to help enhance exports.

A proposal has been circulated by the Ministry of Cooperation among central ministries and departments for consultation, reported Mint.

It is pitched to be created under the Multi State Cooperative Societies Act 2002 which will work towards promotion of exports.

In October 2022, India’s exports contracted 16.65% to USD 29.78 billion from a year ago.

The newly formed ministry of cooperation has pointed out that there is no comprehensive database on cooperatives available with it but the process of creating a national database on cooperatives has started.

In June Union minister for cooperation Amit Shah informed the Lok Sabha that the government is working on a national policy for cooperatives, based on consultations on reforming the sector.  (KNN Bureau)