PM inaugurates Co-op Conf; advocates Global Co-op Financial Platform

Prime Minister Narendra Modi inaugurated the ICA Global Cooperative Conference 2024 at Bharat Mandapam, New Delhi, highlighting the transformative potential of cooperatives in addressing global challenges.

Addressing a distinguished audience, including Bhutan’s Prime Minister Dasho Tshering Tobgay, Fiji’s Deputy Prime Minister Manoa Kamikamica, and the International Cooperative Alliance (ICA) leadership, Modi proposed a visionary global financial platform to support weaker cooperatives and unlock their full potential.

Modi emphasized that cooperatives are not merely organizational structures but embody India’s cultural ethos of collaboration and mutual progress. He reflected on the role of cooperatives during India’s freedom struggle, citing how movements like Mahatma Gandhi’s Gram Swaraj and Sardar Patel’s milk cooperatives empowered communities economically and socially. The Prime Minister noted that AMUL, born from the independence movement, stands today as a global brand symbolizing cooperative success.

India’s cooperative sector, one of the largest globally, covers 98% of rural areas and engages 30 crore citizens through over 8 lakh cooperative societies. Modi lauded the sector’s achievements across industries such as agriculture, sugar, milk production, fertilizers, and housing, noting that cooperatives have helped elevate millions out of poverty. He pointed to significant reforms, such as bringing cooperative banks under Reserve Bank of India regulation and raising deposit insurance coverage to Rs 5 lakh, which have enhanced public trust and financial transparency.

The Prime Minister highlighted the importance of empowering women through cooperatives, revealing that women account for over 60% of cooperative members in India. He praised the transformative impact of 10 crore women participating in Self-Help Groups (SHGs), supported by government loans totaling Rs 9 lakh crore, which have catalyzed rural development and wealth creation.

Modi stressed the need for greater representation of women and underprivileged groups in cooperative leadership, underlined by recent legislative amendments mandating women directors on the boards of multi-state cooperative societies.

For small farmers, Modi outlined the government’s efforts to form nearly 9,000 Farmer Producer Organizations (FPOs) to streamline supply chains and improve market access. Digital platforms such as the Open Network for Digital Commerce (ONDC) and the Government e-Marketplace (GeM) are enabling cooperatives to reach consumers directly, ensuring fair prices for agricultural produce. Modi also highlighted India’s ambitious grain storage scheme, under which cooperatives are constructing warehouses nationwide to benefit small farmers.

Looking beyond India, Modi called for a collaborative global financial framework to provide transparent and accessible funding for cooperatives. He stressed the need for such platforms to finance large projects and support struggling cooperatives worldwide. He also advocated for cooperatives to integrate into circular economies and adopt climate-resilient practices, including waste-to-energy initiatives and solar energy projects.

The Prime Minister underscored India’s commitment to inclusive growth, emphasizing the human-centric approach that drives its development agenda. Citing India’s compassionate response during the COVID-19 pandemic, when it supplied vaccines and medicines to countries in need, Modi urged the global cooperative movement to embrace similar principles of solidarity and service.

Modi envisioned India as a leader in revitalizing the global cooperative movement, particularly in supporting countries from the Global South. He called for innovative strategies to enhance international collaboration and ensure that cooperatives become engines of equality and prosperity.

Reflecting on the significance of the upcoming International Year of Cooperatives in 2025, Modi expressed optimism about the movement’s future and its potential to foster global brotherhood.

Concluding his address, Modi emphasized that the cooperative spirit is the foundation of this movement and urged stakeholders to uphold integrity and morality in their efforts. He reaffirmed India’s dedication to advancing the cooperative model and ensuring that its benefits reach the most marginalized sections of society, offering a blueprint for inclusive global growth. PM also  launched the United Nations’ International Year of Cooperatives 2025 and released a commemorative postal stamp.