Govt creates Ministry of Co-operation for cooperatives
- Government on Tuesday created a separate ministry — Ministry of Co-operation — for strengthening cooperative movement in the country. News agency ANI reported that a separate ministry has been created by PM Narendra Modi-led Central Government for realizing the vision of ‘Sahkar se Samriddhi’.
About the New Minsitry:
- The new Ministry of Co-operation has been estd. for realizing the vision of ‘Sahkar se Samriddhi’.
- This Ministry will provide a separate administrative, legal and policy framework for strengthening the cooperative movement in the country.
- It will help deepen co-operatives as a true people based movement reaching upto the grassroots.
- The new Ministry will work to streamline processes for Ease of Doing Business for co-operatives and enable development of Multi-State Co-operatives (MSCS).
- Creation of a separate Ministry for Co-operation also fulfils the budget announcement made by the Finance Minister.
About Cooperatives:
- Cooperatives are people-centred enterprises owned, controlled and run by and for their members to realise their common economic, social, and cultural needs and aspirations.
- Cooperatives bring people together in a democratic and equal way.
- The cooperative movement in India has its origin in agriculture and allied sectors.
- The first Cooperative Credit Societies Act was enacted in 1904.Subsequently a more comprehensive legislation called the Cooperative Societies Act was enacted.
- Cooperative Societies' is a state subject under entry No 32 of the State List of the Constitution.
- After Independence, cooperatives assumed a great significance in poverty removal and faster socio-economic growth.
- They became an integral part of the Five Year Plans. As a result they emerged as a distinct segment in Indian economy.