Cooperatives can redefine their future by embracing technology

India's collective enterprises could serve as a grassroots growth engine for the economy by effecting digital transformations

- S. MAHENDRA DEV & K. K. TRIPATHY

India has about 850,000 cooperatives with over 290 million members relying on these collective enterprises for their livelihood.

Cooperatives are pillars of India's grassroots economy. Yet, in a rapidly evolving world, many struggle to stay relevant due to resource constraints, operational inefficiencies and limited technology adoption. The Prime Minister's clarion call for 'Sahkar se Samriddhi'-prosperity through cooperation-can become a reality only when cooperatives embrace Industry 4.0 tools that promise efficiency, transparency and sustainable growth. By aligning with the fourth Industrial Revolution, cooperatives are poised to reclaim their role as crucial contributors to inclusive economic growth.

Emerging technologies are reshaping the global marketplace. Indian cooperatives can no longer afford to lag behind. They must embrace Industry 4.0 technologies and adopt innovative business models. The task ahead is clear: they must adopt Internet-of-Things (IoT), big data and smart systems to ensure efficiency, competitiveness and sustainability. This will turn them into engines of inclusive growth as we aim for Viksit Bharat a developed India-by 2047.

Agricultural cooperatives can use modern farm techniques to optimize production, harvest processes, storage, transportation and distribution. Cooperative culture promotes the development of supply chains that reach far and wide across a diverse ecosystem, with farmer members, staff, vendors, associates, consumers, et al, united by the common purpose of serving everyone's interests. With the help of trained human resources, this spirit could unite all involved in modernization efforts to remain relevant in today's highly competitive business environment.