With 300 mn Indians in its fold, cooperative sector awaits big-bang reforms

Creation of a new cooperation ministry led by India's second-most powerful politician signals disruption, points to new farmer-friendly policies ahead of 2024 national polls

About 150 years ago, in British India, big farmers in the western region of Maharashtra agitated over unfair lending practices and demanded a more fair and inclusive financing structure. People say this is where the seeds of the cooperative movement, now omnipresent in the country, were sown. 

Today, more than 800,000 cooperative societies thrive in India, with 300 million members, a number close to the population of the United States. Despite a reach this deep--grass roots as they call it--cooperatives do not occupy a lion’s share in the Indian economy. 

The growth of private enterprise with its supply and demand