Ministry of Cooperation - Cooperatives India

The Government of India established the Ministry of Cooperation - Cooperatives in India in July 2021 to support the Indian cooperative movement following the commitment of the Finance Minister Nirmala Sitharaman in the 2021 federal budget.

What is the Ministry of Cooperation - Cooperatives in India?

The Cabinet Secretariat established the Ministry of Cooperation - Cooperatives in India by transferring co-operatives and existing entries related to cooperatives in the former Ministry of Farmers and Welfare on July 6, 2021. The ministry is headed by Shri Amit Shah, Hon'ble Minister for Cooperation, and supported by Shri B.L. Verma, Honorary Minister for Cooperation.

Significance of the Ministry of Cooperation - Cooperatives in India

The Ministry of Cooperation - Cooperatives in India was established to increase transparency, strengthen, modernize, computerize and create competitive cooperatives. On a very powerful platform, it's time to set new goals and move forward to reach those goals.

India's success depends on four aspects: determination, conscience, diligence, and the spirit of federalism. The Ministry of Cooperation - Cooperatives in India will always strive to meet the challenge of access to development in rural areas.

Important Facts about the Ministry of Cooperation - Cooperatives in India

• In the agricultural sector, the government of Narendra Modi allocated Rs. 120 billion in 2009 but increased to Rs. 134.49 trillion in 2020-21.
• Under the Pradhan Mantri Kisan Samman Yojana, 11 million farmers received Rs. 1,58,000 directly through DBT.
• The Ministry of Cooperation - Cooperatives in India, led by Shri Narendra Modi, will work consistently with all states to ensure cooperatives' overall upliftment and profitability.

In the 75th year of independence, “Amrit Mahotsav” will begin to formulate new cooperation policies. Fair and inclusive development is needed, and the development model needs to be accessible to everyone. As the Prime Minister mandated, the general public needs to be part of the development process. Each family needs to prosper through cooperation, and the country needs to prosper from the prosperity of each family. It is the mantra of “Sahakar se Samridhi”.

FAQs on Ministry of Cooperation - Cooperatives in India

Q.1. What are the different types of cooperatives under the Ministry of Cooperation - Cooperatives in India?

As per the Ministry of Cooperation - Cooperatives in India, the various types of co-operatives are as follows:

• Consumer Cooperative
• Marketing Cooperative
• Housing Cooperative
• Producer Cooperative
• Credit Union

Q.2. What are the Ministry of Cooperation - Cooperatives in India's objectives under Consumer cooperatives?

The goals of the Ministry of Cooperation - Cooperatives in India are to protect consumer interests, to make sure the product is available at a reasonable price with no intermediary involved, and for consumers to buy directly from the manufacturer.

Q.3. What are the Ministry of Cooperation - Cooperatives in India's objectives for the Producer Cooperative?

The goals of the Ministry of Cooperation - Cooperatives in India are to protect small producers and their interests, help them maintain profits, and assist them to procure benefits of national interest.

Q.4. What are the Ministry of Cooperation - Cooperatives in India's objectives under Housing Cooperatives?

The Ministry of Cooperation - Cooperatives in India, under this segment, provides housing to members of the association and is quite beneficial for low-income groups as it allows them to claim housing allowances at an affordable rate.

Q.5. What are the Ministry of Cooperation - Cooperatives in India's objectives under Credit Union?

The Ministry of Cooperation - Cooperatives in India helps people by providing credit, offering a loan at the lowest interest rate, flexible repayment period to members, and protecting them from the high-interest rates given by private lenders.