For India, Co-operatives are the basis of culture, a way of life: PM Modi at ICA Global Cooperative Conference 2024

Addressing the gathering, PM Modi emphasized India’s rich cooperative heritage, highlighting its integration into the country’s culture and development journey.

Prime Minister Narendra Modi inaugurated the ICA Global Cooperative Conference 2024 at Bharat Mandapam, New Delhi, celebrating India’s achievements in the cooperative sector and outlining a vision for global collaboration. The event, attended by global dignitaries including Bhutan’s Prime Minister Dasho Tshering Tobgay, Fiji’s Deputy Prime Minister Manoa Kamikamica, and ICA President Ariel Guarco, coincided with the United Nations’ declaration of 2025 as the International Year of Cooperatives.

Addressing the gathering, PM Modi emphasized India’s rich cooperative heritage, highlighting its integration into the country’s culture and development journey. Drawing from ancient scriptures, he described cooperation as a way of life deeply rooted in coexistence and community. He noted that India’s cooperative movement has transitioned from an idea to a revolution, empowering millions and contributing significantly to the economy.

PM Modi credited cooperatives like AMUL, which emerged during India’s freedom struggle, as prime examples of grassroots empowerment. He added that cooperatives now encompass 98% of rural India, with nearly 30 crore people participating in various cooperative initiatives, showcasing their vast reach and impact.

Transforming Cooperatives: Reforms and Innovations

The Prime Minister highlighted key reforms undertaken to modernize the cooperative ecosystem, including:

• The establishment of a dedicated Ministry of Cooperatives.
• Adoption of IT-enabled systems linking cooperatives with banking institutions.
• Increased deposit insurance coverage in cooperative banks to ₹5 lakh per depositor.
• Development of multipurpose cooperative societies in 2 lakh villages lacking existing infrastructure.

He also unveiled India’s plan to build the world’s largest grain storage network through cooperatives, benefiting small farmers by providing secure storage for their crops.

Empowering Women Through Cooperatives

PM Modi spotlighted the significant role of women in the cooperative sector, with over 60% participation in cooperative activities. He detailed reforms mandating the inclusion of women directors on cooperative boards and ensuring representation of marginalized groups.

“Women-led cooperatives are driving the era of women-led development in India,” said Modi, highlighting the success of 10 crore women in Self-Help Groups (SHGs), who have received ₹9 lakh crore in loans, contributing to wealth creation in villages. He proposed India’s SHG model as a global blueprint for women empowerment.

Technological and Economic Integration

The Prime Minister stressed the role of technology and digital platforms in expanding cooperatives’ reach, citing initiatives like:

• Open Network for Digital Commerce (ONDC) enabling direct product sales at affordable prices.
• Cooperative access to the Government e-Marketplace (GeM), opening new channels for market expansion.
• Enhanced supply chains and value chains for agricultural products through Farmer Producer Organizations (FPOs).

“Nearly 9,000 FPOs have been formed to support small farmers and build a seamless farm-to-market ecosystem,” he said, emphasizing the role of cooperatives in modernizing agriculture and enhancing rural incomes.

Global Vision for Cooperative Development

PM Modi called for creating global financial institutions to fund cooperatives, especially in the Global South, emphasizing the importance of collaborative financial models. He proposed innovative strategies to make cooperatives climate-resilient and integrate them into the circular economy.

He underscored the potential of cooperatives in achieving inclusive growth, stating, “India believes that cooperatives can give new energy to global cooperation, particularly for the Global South.”

Humanity-Driven Growth

Highlighting India’s human-centric growth model, the Prime Minister reflected on the country’s compassionate response during the COVID-19 crisis. “While economic logic suggested taking advantage, India chose the path of service,” he remarked.

PM Modi concluded by expressing confidence in the cooperative movement’s future, emphasizing the importance of morality and humanity in driving sustainable development. He urged the global community to strategize, innovate, and strengthen the cooperative spirit for collective progress in the International Year of Cooperatives.

This landmark conference positions India as a global leader in the cooperative sector, offering its rich experiences and innovations to inspire global growth and collaboration.