New Delhi: Prime Minister Narendra Modi inaugurated the ICA Global Cooperative Conference 2024 at Bharat Mandapam, showcasing India’s robust cooperative movement to the global stage. The event, graced by international dignitaries including Bhutan’s Prime Minister Dasho Tshering Tobgay and Fiji’s Deputy Prime Minister Manoa Kamikamica, brought together leaders, experts, and stakeholders to discuss the transformative potential of cooperatives in driving global and local growth.
In his opening remarks, PM Modi emphasized the cultural and historical roots of India’s cooperative movement, describing it as “not just a model but a way of life.” He noted that this was the first time the International Cooperative Alliance (ICA) held its Global Conference in India, coinciding with a significant expansion of cooperative initiatives across the nation.
The Prime Minister highlighted the vital role cooperatives play in empowering over 30 crore Indians and their extensive reach across 98% of rural India. He pointed out that India’s cooperative societies now number over 8 lakh, making up one-fourth of the global cooperative network.
PM Modi outlined transformative reforms aimed at strengthening the cooperative ecosystem, including:
- Establishing a dedicated Ministry of Cooperation.
- Introducing model by-laws to make societies multipurpose.
- Integrating cooperatives with IT-enabled ecosystems, enabling linkages with banking institutions.
- Expanding cooperatives into new sectors, such as digital services, renewable energy, and grain storage.
He announced the establishment of multipurpose cooperative societies in 2 lakh villages and highlighted a groundbreaking grain storage initiative managed by cooperatives to benefit small farmers.
Highlighting India’s strides in cooperative banking, PM Modi stated that cooperative banks now hold deposits exceeding ₹12 lakh crore. Reforms, such as bringing these banks under the Reserve Bank of India’s purview and increasing deposit insurance to ₹5 lakh per depositor, have bolstered trust and efficiency in the sector.
Underlining the critical role of women in the cooperative sector, PM Modi revealed that women make up over 60% of cooperative participants. He lauded the success of Self-Help Groups (SHGs), which have received ₹9 lakh crore in loans, transforming rural economies and setting a global benchmark for women-led development.
The government has also mandated women directors on the boards of multi-state cooperative societies and reserved positions for underprivileged groups to enhance inclusivity.
PM Modi called for innovative global cooperative models to tackle challenges like climate resilience, supply chain enhancement, and financing for weaker cooperatives. He stressed the need for international collaboration, particularly to aid the Global South, and urged cooperatives to adopt circular economies and promote start-ups.
Reflecting on India’s human-centric approach during the COVID-19 crisis, the Prime Minister underscored the importance of compassion and solidarity in global cooperative efforts.
PM Modi concluded by emphasizing the moral foundation of cooperatives, quoting Mahatma Gandhi: “The success of cooperatives depends not on their numbers but on the moral development of their members.” He expressed confidence that the International Year of Cooperatives in 2025 would further strengthen the cooperative spirit worldwide.
This landmark conference sets the stage for India to lead the global cooperative movement, fostering inclusive growth, innovation, and solidarity in the 21st century.
