PM Modi inaugurates ICA Global Cooperative Conference 2024
NEW DELHI: Prime Minister Narendra Modi inaugurated the ICA Global Cooperative Conference 2024 in New Delhi on Monday. It is the first time the International Cooperative Alliance (ICA) is hosting its Global Cooperative Conference and General Assembly in India.
The event saw participation from global dignitaries, including Bhutan’s Prime Minister Dasho Tshering Tobgay, Fiji’s Deputy Prime Minister Manoa Kamikamica, Union Home Minister Amit Shah, and ICA President Ariel Guarco, among others. Modi welcomed the attendees, highlighting India’s extensive cooperative network, comprising over 8 lakh cooperative societies and 30 crore individuals.
In his speech, Modi spoke about the importance of cooperatives in India’s cultural and economic context. “For the world, cooperatives are a model, but for India, they are a way of life,” he declared. He drew a connection between the cooperative philosophy and the ancient traditions of India, referring to the Vedas and Upanishads, which develop the concept of harmony and collective progress.
Reflecting on India’s cooperative history, Modi credited movements like Mahatma Gandhi’s Gram Swaraj and Sardar Patel’s milk cooperatives for empowering communities. He highlighted the success of AMUL, which emerged from India’s independence struggle and now stands as a leading global food brand.
The Prime Minister has said that cooperatives have changed the face of rural India, from sugar and milk to fish production and even housing. He added that with the present level of deposits exceeding Rs 12 lakh crore, cooperative banks in India have been able to win over greater public trust since reforms like the regulation of cooperative banks under the Reserve Bank of India and raising deposit insurance of Rs 5 lakh per depositor have ensured greater stability of the entity.
Modi announced the formation of multipurpose cooperative societies in 2 lakh villages and the execution of the world’s largest grain storage scheme through cooperatives. He also highlighted initiatives like linking cooperatives with e-commerce platforms such as the Open Network for Digital Commerce (ONDC) and Government e-Marketplace (GeM) to expand their market reach.
The main focus was on women-led cooperatives. The prime minister said, “The women make up over 60 percent of participants in India’s cooperative sector. They are instrumental in driving growth in the country.”
Other requests included amendments to the Multi-State Cooperative Society Act to ensure that women are on the boards of cooperatives and that all under-represented groups have a representative.
He appreciated the self-help groups for empowering women, with more than 10 crore members across India who receive loans worth Rs 9 lakh crore. He described the model as an inspiration for global gender-inclusive development.
The conference also kick-started the UN International Year of Cooperatives 2025 under the theme, “Cooperatives Build a Better World.” Modi released a commemorative postal stamp symbolising India’s commitment to the cooperative movement.
The stamp envisages a lotus with five petals representing nature’s elements and cooperative sustainability, besides symbols of agriculture, fisheries, and technology.
