PM Modi Calls for Climate-Resilient Cooperatives Connected to Circular Economy
Prime Minister Narendra Modi today underscored the importance of making co-operatives climate resilient, saying they should be connected to the circular economy. He added that co-operatives could help the countries of the Global South, in particular, to achieve growth. Inaugurating the ICA Global Cooperative Conference at Bharat Mandapam in New Delhi, Mr Modi stressed the need for the immediate necessity to promote start-ups in cooperatives.
He underlined that India sees a huge role for cooperatives in its future growth. Inaugurating the ICA Global Cooperative Conference at Bharat Mandapam in New Delhi, Mr Modi said that cooperatives are the foundation of India’s culture, not just a model. He pointed out that cooperatives in India have evolved from an idea to a movement, from a movement to a revolution, and from a revolution to empowerment. He added that India is following the mantra of prosperity through cooperation.
The Prime Minister said, twelve lakh crore rupees are deposited in the Cooperative banks of the country. He said, that to strengthen Cooperative banks and increase people’s trust, his government has brought several reforms. Mr Modi said, earlier, these banks were out of the purview of the RBI, but his government brought them under the RBI. He added that the insurance cover on the deposits was increased to five lakh rupees per depositor.
On the occasion, Cooperation Minister Amit Shah said the government has taken several steps in the last three years to strengthen the cooperative sector due to which India has emerged as a Vishwamitra in the cooperative sector. He said, that by expanding the cooperative network, a new economic model is being shaped that aligns with the Prime Minister’s vision to build a better and more sustainable future. Mr Shah said, the government has introduced over 60 initiatives to revitalize and strengthen the cooperative sector.
Prime Minister of Bhutan Dasho Tshering Tobgay, who was also participating in the event, said that cooperatives have achieved remarkable successes over the years. He said they have empowered millions by providing essential services fostering economic inclusion and stimulating local economies. Mr Tobgay said that cooperatives have enabled individuals particularly the poor to lift themselves out of poverty.
On the occasion, Prime Minister Modi launched a commemorative stamp on the International Year of Cooperatives 2025. The Deputy Prime Minister of Fiji Manoa Kamikamica also attended the conference.
For the first time in the 130-year history of the International Cooperative Alliance (ICA), the Global Cooperative Conference and General Assembly are being organized in India. The International Cooperative Alliance, founded in 1895, represents 30 lakh cooperative enterprises worldwide and has more than one billion cooperative members. The five-day conference at Bharat Mandapam will bring together cooperatives from around the globe for a series of events and discussions. Around three thousand foreign and Indian delegates are expected to attend the event. The conference will explore the role of cooperatives in creating a collective, peaceful, and prosperous future for all. The theme of the conference is Cooperatives Build Prosperity for All.
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