Farm cooperatives may play key role in achieving $5 trillion economy: Tomar

New Delhi: Farm and allied sector cooperatives have a huge potential to play a key role in making India a USD 5 trillion economy in next five years, Agriculture Minister Narendra Singh Tomar said on Friday.

However, the cooperatives need a push to compete in the global market, he said at the inauguration of the first ever three-day India International Cooperatives Trade Fair here.

The minister also launched startup scheme ''Yuva Sahakar'' and NGO Sahakar Bharti's "'Simply Desi" brand to promote products manufactured by cooperatives.

"The Prime Minister has given a target of achieving USD 5 trillion economy. We can achieve this if we focus on gaon, gharib and kisan (villages, poor and farmers). And cooperatives have potential and can play a big role in achieving this target," the minister said, adding that the cooperative culture is not new to India and there is a need to strengthen and enable them to compete in the global market.

"Some cooperatives like IFFCO and Amul have been able to operate on a large scale in the country as well as compete at global level. But there is potential and opportunity for other cooperatives to rise," he said.

The minister said that promotion of farm cooperatives can help in doubling farmers'' income as well as boost agri-export from the current USD 30 billion to USD 60 billion in next five years.

Stating that the central government resources are not sufficient to promote cooperatives, Tomar said that state governments need to give thrust and support them.