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Cooperatives vital to India’s economy: Modi at launch of e-commerce app
Cooperatives are vital to India’s goal of leapfrogging into a developed economy, Prime Minister Narendra Modi said on Saturday, launching a Google Cloud-powered e-commerce app to promote businesses in the sector.
Addressing thousands of people gathered for the 17th Indian Cooperative Congress in the national capital, the PM called on cooperatives to unleash a digital revolution across their value chains.
“Cooperatives are driving the country’s dream of ‘sabka saath, sabka vikas (inclusive development)’ through ‘sabka prayas (collective efforts)’,” the PM said at a conclave themed “Amrit Kaal: Prosperity through Cooperation for a Vibrant India”.
Cooperatives are collective businesses jointly owned by participating members who share profits and losses . The popular milk brand Amul, for instance, runs on a co-operative model. So does India’s largest fertilizer maker, IFFCO. Cooperative banks are another key segment that serves both the rural and urban economy.
India is looking to boost the economic potential of its large number of cooperatives spread across the country with reforms that can quicken the country’s GDP expansion to reach a targeted $5 trillion by 2025, according to recent government announcements.
In July 2021, the Modi government created a ministry for cooperation, helmed by Union minister Amit Shah, carving it out of the farm ministry. The Centre has since rolled out several changes to digitise and expand the sector.
The PM lauded dairy cooperatives for making India the world’s leading milk producer, and appreciated the role of cooperatives in making India the top sugar-producing country in the world.
“Cooperatives are a huge support system for small farmers,” he said, adding that his government was spending over ₹6.5 lakh crore on the agriculture sector.
Cooperation minister Amit Shah, who was also present at the event, said 29% of all credit was disbursed through cooperatives, while the sector’s share in fertiliser distribution was 35%. About 35% of sugar manufacturing are done by cooperative-based millers, he added.
The PM said each farmer in the country receives around ₹50,000 every year in various forms. “Ye Modi ki guarantee hai. Aur maine jo kiya hai, woh bata raha hoon, vaade nahi bata raha hoon. (This is Modi’s guarantee. I am telling you what I have accomplished, not making promises).”
“Today, the poorest of the poor believe that corruption and nepotism have been eliminated in the upper echelons,” Modi added, asserting that these changes have been led by digital technologies in which India leads the world.
“India is known the world over for its digital transactions. Cooperative societies and banks should stay ahead through digital transactions. This will increase transparency and efficiency in the market while also enabling better competition.”The prime minister said his government had shielded farmers from inflation by not allowing the burden of input costs to fall on them. “A farmer today pays about ₹270 for a bag of urea while it is priced at ₹720 in Bangladesh, ₹800 in Pakistan, ₹2,100 in China and ₹3,000 in the USA.”
(This is an unedited and auto-generated story from Syndicated News feed, Bharat Express Staff may not have modified or edited the content body)
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