Cooperatives vital for India's economic progress, says PM

Cooperatives have a major role in India's economic progress and reaching its benefits to the poor, and serve as a glue for the Global South, Prime Minister Narendra Modi on Monday said in an address at the global launch of the International Year of Cooperatives.

- Zia Haq

On June 19 this year, the UN General Assembly adopted a resolution proclaiming 2025 as the International Year of Cooperatives, a move mooted by India. Monday's conference, which was attended by several global leaders and UN representatives, marked its official launch.

Inaugurating the International Cooperative Alliance's Global Cooperative Conference 2025 at Bharat Mandapam, Modi said his government was pushing cooperatives to the forefront of the economy. The theme of the conference, "Cooperatives Build Prosperity for All," aligns with India's vision of "Sahkar se Samriddhi" (prosperity through cooperation), Modi said.

Bhutan's Prime Minister Dasho Tshering Tobgay said cooperation among cooperatives will bring global prosperity.

"There are 129 cooperatives and 722 farmers groups, comprising 17,000 members, in Bhutan," he said. Tobgay said Bhutan was building a new city, Gelephu, spread over 2,500 sq km along India's border, based on a cooperative model.