India’s cooperative sector is poised to be a key driver of job creation, with potential for 5.5 crore direct jobs and 5.6 crore self-employment opportunities by 2030, according to Primus Partners.
The country’s cooperative network, the largest globally, represents nearly 30% of the world’s 30 lakh societies. From creating 12 lakh jobs in 2007-08 to 58 lakh by 2016-17, it has grown at 18.9% annually.
The Ministry of Cooperation, established in 2021, aims to modernize the sector. Cooperatives are expected to contribute 3-5% to India’s GDP, playing a pivotal role in its goal to become a USD 5 trillion economy by 2030.