New cooperative coverage: Centre writes to stakeholders

The Centre has begun the method of formulating a brand new cooperative coverage, with the newly created Ministry of Cooperation writing to key stakeholders for recommendations.

Sources stated the Ministry wrote to varied stakeholders, together with Central ministries, state authorities and cooperative federations looking for their views and recommendations for the brand new coverage within the second week of November.

The supply stated the brand new coverage might be finalised after an intensive session. The move comes two months after Minister for Home Affairs Amit Shah, who can be Minister of Cooperation, introduced that his ministry will formulate a brand new cooperative coverage.

“We have decided that a new cooperative policy will be released soon. Atal ji first brought it in 2002, now Modi ji will bring it in 2021-22,” he had stated, addressing the National Cooperative Conference on September 25, 2021.

The current National Policy on Cooperatives was introduced in by then NDA authorities in March 2002.

Meanwhile, the Ministry has determined to amend the Multi-State Cooperative Societies Act, 2002, as nicely. In a written reply in Lok Sabha on Tuesday, Shah stated, “It is proposed to amend the Multi-State Cooperative Societies Act, 2002 so as to have a effective regulatory mechanism for the multi State cooperative societies, to keep the legislation in tune with the changing economic policies, to make the management accountable to the members of the societies and to protect the interests of the depositors and the shareholders of the societies.”

In July, this 12 months, the Centre carved the Department of Cooperation out of the Ministry of Agriculture and Farmers’ Welfare and created a separate Ministry of Cooperation with Shah as its first minister. It is aimed toward offering a “separate administrative, legal and policy framework for strengthening the cooperative movement in the country”.