The minister said the number of cooperative societies have increased to 8 lakh in India with 40 crore members from 6 lakh societies comprising 25 crore members few years back but their performances are not "satisfactory".
Inaugurating 12th Regional Assembly and 9th cooperative forum of International Cooperative Alliance Asia-Pacific, he said: "Cooperative sector has developed but its performance has not been satisfactory. If the benefits of cooperatives are limited to few people then the objectives of cooperatives revolution will not be achieved."
"Cooperatives need computerisation and information and technology for their growth. Without adopting digitalisation and latest information and technology, it will be difficult to fight corruption in the cooperative sector," he said.
Highlighting the importance of cooperatives in sectors like milk and sugar, Singh said the government is committed towards the development of cooperatives, which could play an important role in bridging the gap between rich and poor.
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He emphasised on the need for disseminating the success stories of cooperatives in the country.
Addressing the conference, Railway Minister Suresh Prabhu said cooperatives could play an important role in bridging the disconnect between policy makers and people and it could also help bridge gap between economy and society.
Talking about the advantage of cooperative model, Prabhu said cooperatives are owned by the people. "There is no more democratic institution than cooperatives".
He cited examples of several successful cooperatives and said these should be emulated in a manner that it becomes a model for solving global problems.
Prabhu emphasised on protecting environment and bio-diversity for the sustainable development.