Strengthening cooperatives

Building capacity will increase opportunities

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Building capacity will increase opportunities. Ever since cooperatives became legal entities in India in 1904, member-owned enterprises have worked towards enabling marginalised communities to secure livelihoods and participate in the economy. Members pool resources to derive shared benefits and create institutions that empower local communities.

In this context, a recent report released by Primus Partners, a consulting firm, does well to look at the sector's potential to fuel growth in India. The report suggests that cooperatives can create up to 55 million direct jobs and 56 million self-employment opportunities by 2030. Their impact on gross domestic product is expected to be 3-5 per cent by 2030, and even surpass 10 per cent when both direct and self-employment opportunities are considered.