Global Cooperative Conference Highlights India's Vision For Collaborative Economic Growth

ENA Global 2024-11-27 17:36:47 New Delhi, Nov 27 (KNN) In a landmark event, India has initiated a comprehensive dialogue on cooperative enterprise during the ongoing Global Cooperative Conference, with Prime Minister Narendra Modi emphasising the critical role of international collaboration and shared financial platforms in economic development. The five-day conference, inaugurated on Monday, seeks to promote strategic cooperation across multiple sectors, focusing on global market integration, innovative financing mechanisms, start-up enablement, and circular economy principles. This approach aims to transform cooperatives into dynamic, sustainable economic engines that can adapt to evolving global challenges. Union Home and Cooperation Minister Amit Shah underscored the government's commitment to diversifying cooperative businesses, announcing significant initiatives to expand operational sectors, enhance export potential, and digitise primary agricultural cooperative societies (PACS). Shah highlighted the financial significance of cooperative banks, noting their collective deposits of Rs 1.2 lakh crore and their essential role in providing credit access. Cooperatives, fundamentally enterprises owned and operated jointly by members with shared profits and losses, represent a critical economic model in India. With a century-long history, these organisations provide livelihoods for millions, particularly empowering women across sectors like dairy, fisheries, finance, housing, and agriculture. The iconic Amul dairy brand serves as a prominent example of cooperative success. The Modi government has strategically launched three new multistate cooperatives targeting rural sector businesses: National Cooperative Exports Limited, National Co-operative Organics Limited, and Bhartiya Beej Sahakari Samiti Ltd. These initiatives aim to strengthen agricultural value chains and create more robust economic opportunities in rural India. A key focus of the conference is the comprehensive digitisation of 65,000 PACS, which are considered the foundational units of the cooperative sector. Officials view this digital transformation as more than a technological upgrade—it represents a broader movement to modernise and streamline cooperative operations. Government representatives envision cooperatives as potential drivers of large infrastructure projects, emphasising their capacity to enhance supply chain efficiency through integrated procurement, production, and distribution strategies. The conference represents a significant milestone in India's economic vision, positioning cooperatives as crucial contributors to sustainable and inclusive growth. (KNN Bureau) 40061 https://knnindia.co.in/news/newsdetails/global/global-cooperative-conference-highlights-indias-vision-for-collaborative-economic-growth 2024-11-27 17:36:47 knnindia.co.in Global Cooperative Conference Highlights India's Vision For Collaborative Economic Growth