GS Paper - 3 (Economy)

India has signed an agreement with the International Co-Operative Alliance Asia And Pacific (ICAAP) intending to assimilate and develop further on the core strengths, experience, and institutional objectives in the interest of advancement of research, study, documentation, and training for development of the cooperative sector.

What

  1. India has more than eight lakh registered cooperative societies, especially in the agricultural and agri-allied sector, banking, and housing sectors.
  2. The cooperative movement in the country has regained focus after the Central Government recently created the Ministry of Cooperation to provide a separate administrative legal and policy framework for streamlining the cooperatives.
  3. ICAAP president Dr Chandra Pal Singh Yadav and National Cooperative Union of India (NCUI) president Dileep Sanghani jointly released a policy recommendation handbook 'Sahakar Pragya: Good Practices for Cooperatives.
  4. A compendium of guidelines, resources, methodologies, key learning, case studies of the best performing cooperatives in India and abroad and the outcome and impact, the handbook would serve as an action plan that can help these entities to achieve the goal of self-reliance.
  5. This handbook is expected to help cooperatives in India and abroad to innovate and adopt best models not only to stay competitive, but also distinguish themselves as successful commercial entities.
  6. The cooperatives have inherent advantages in tackling the problems of poverty alleviation, food security, and employment generation -- a path to self-reliance. This has also been reflected during the Covid-19 times.