BS EDIT: Strengthening cooperatives: A path to growth
The legacy of cooperatives in India
Since 1904, cooperatives have empowered marginalised communities, offering a path to livelihoods and economic participation
Cooperatives’ potential for job creation
Cooperatives could create 55 million direct jobs and 56 million self-employment opportunities by 2030, significantly boosting India’s economy
The role of cooperatives in agriculture and credit
With 41% of cooperatives in agriculture and 20% in credit, they are essential for increasing farm incomes and improving rural access to finance
Key challenges hindering cooperative growth
Despite their potential, cooperatives face challenges like inadequate capacity building, limited tech adoption, and market access issues
Building capacity for long-term sustainability
Introducing professional training, digital solutions, and online marketplace integration will help cooperatives thrive in a digital-first economy
Government support and future prospects
With ongoing initiatives, including the National Cooperative Policy and financial support, the cooperative sector is poised for transformation and growth