NEW DELHI: India will have a new national cooperation policy in 2024, replacing the existing one formulated in 2002, to strengthen cooperative movement in the country by deepening its reach up to the grassroots.
Idea behind the new policy, expected to be released either in January or February, would be to promote the cooperative-based economic development model backed by a legal and institutional framework. Its final draft has already been prepared after multiple consultations with stakeholders.
The draft has been prepared by a national level 49-member committee, headed by former Union minister Suresh Prabhu and consisting of experts of the cooperative sector, representatives from National/ State/ District/ Primary level cooperative societies and senior officials from Centre and states.
“So far, 17 meetings of the expert committee have been held, during which detailed discussions were held with the stakeholders and the new National Cooperation Policy is expected to be ready soon,” said the ministry of cooperation in a statement that enlisted its achievements ever since it was established in July, 2021.
It noted that the new national cooperation policy (NCP) would realise the vision of ‘Sahakar se Samriddhi’ (prosperity through cooperation).
Sources privy to the basic details of the new policy said the focus of the NCP would be to create cooperatives as vibrant economic entities, modernise it through use of technology, expand it by tapping export markets and creating exclusive economic zone kind of set-up, and provide level-playing field for cooperatives through various changes, incentives and capital infusion.
The policy may propose setting up National Cooperative Tribunal along the lines of the national company law tribunal (NCLT) and National Board for Cooperatives along the lines of National Board for MSMEs.
The policy is learnt to have provisions of setting up a National Cooperative Bank of India. It may also proposes a ranking framework for states for development of cooperatives.
The country has currently more than 8.5 lakh cooperative societies with a member base of nearly 29 crore. The cooperatives are engaged in varied activities like dairying, fisheries, agro-processing, credit, housing, weaving and marketing.
Meanwhile, the ministry has already taken 54 major initiatives to strengthen the sector since July, 2021. These initiatives include release of a model bye-law to modernise the primary agricultural credit societies (PACS) and make them multi-purpose, and creation of three national level multi-state cooperative societies for exports, certified seeds and organic farming.
Besides, the ministry has also decided to set up a national cooperative university — first of its kind specialised University in the cooperative sector. The University is also expected to be set up in early 2024.
Idea behind the new policy, expected to be released either in January or February, would be to promote the cooperative-based economic development model backed by a legal and institutional framework. Its final draft has already been prepared after multiple consultations with stakeholders.
The draft has been prepared by a national level 49-member committee, headed by former Union minister Suresh Prabhu and consisting of experts of the cooperative sector, representatives from National/ State/ District/ Primary level cooperative societies and senior officials from Centre and states.
“So far, 17 meetings of the expert committee have been held, during which detailed discussions were held with the stakeholders and the new National Cooperation Policy is expected to be ready soon,” said the ministry of cooperation in a statement that enlisted its achievements ever since it was established in July, 2021.
It noted that the new national cooperation policy (NCP) would realise the vision of ‘Sahakar se Samriddhi’ (prosperity through cooperation).
Sources privy to the basic details of the new policy said the focus of the NCP would be to create cooperatives as vibrant economic entities, modernise it through use of technology, expand it by tapping export markets and creating exclusive economic zone kind of set-up, and provide level-playing field for cooperatives through various changes, incentives and capital infusion.
The policy may propose setting up National Cooperative Tribunal along the lines of the national company law tribunal (NCLT) and National Board for Cooperatives along the lines of National Board for MSMEs.
The policy is learnt to have provisions of setting up a National Cooperative Bank of India. It may also proposes a ranking framework for states for development of cooperatives.
The country has currently more than 8.5 lakh cooperative societies with a member base of nearly 29 crore. The cooperatives are engaged in varied activities like dairying, fisheries, agro-processing, credit, housing, weaving and marketing.
Meanwhile, the ministry has already taken 54 major initiatives to strengthen the sector since July, 2021. These initiatives include release of a model bye-law to modernise the primary agricultural credit societies (PACS) and make them multi-purpose, and creation of three national level multi-state cooperative societies for exports, certified seeds and organic farming.
Besides, the ministry has also decided to set up a national cooperative university — first of its kind specialised University in the cooperative sector. The University is also expected to be set up in early 2024.
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