Co-operatives can give new energy to global cooperation: PM Modi

Prime Minister Narendra Modi inaugurated the ICA Global Cooperative Conference 2024 at Bharat Mandapam in New Delhi, underscoring India’s commitment to the cooperative movement. Joined by international dignitaries, PM Modi also launched the United Nations' International Year of Cooperatives 2025, marking a new chapter for global cooperation in the sector.

In his address, PM Modi hailed cooperatives as integral to India’s cultural ethos, describing them as a “way of life” for millions. "For India, cooperatives have grown from an idea to a movement, from a movement to a revolution, and from revolution to empowerment," he stated. He highlighted India's cooperative landscape, with over 8 lakh societies serving more than 30 crore people, particularly benefiting rural communities.

Prime Minister also celebrated India's achievements in cooperative banking, with deposits exceeding ₹12 lakh crore. Reforms under his government, such as RBI oversight and enhanced deposit insurance, have strengthened this sector, fostering transparency and security.

Reflecting on the role of women, PM Modi noted that women now constitute over 60% of India’s cooperative workforce, with initiatives aimed at increasing their leadership roles within these organizations. He further applauded the success of Self-Help Groups (SHGs), which have empowered 10 crore women through access to affordable loans.

PM Modi urged the conference to explore collaborative financial models to support smaller cooperatives and promote the development of climate-resilient, innovative cooperatives aligned with the circular economy. Asserting India’s belief in the potential of cooperatives to uplift the Global South, he called for global partnerships to advance cooperative-led development and concluded with a vision for inclusive, human-centric growth.

Addressing the gathering, PM Modi welcomed the Prime Minister of Bhutan Dasho Tshering Tobgay, Deputy Prime Minister of Fiji Manoa Kamikamica, Resident Coordinator of UN in India Shombi Sharp, President of the International Cooperative Alliance Ariel Guarco and dignitaries of various foreign countries to the ICA Global Cooperative Conference 2024.

PM Modi also launched a commemorative postal stamp, symbolising India’s commitment to the cooperative movement. The stamp showcases a lotus, symbolising peace, strength, resilience, and growth, reflecting the cooperative values of sustainability and community development. 

On this occasion, Union Home Minister and Minister of Cooperation Amit Shah said in his address that the United Nations' decision to observe 2025 as the International Year of Cooperatives is a timely step and will prove to be a blessing for millions of poor people and farmers worldwide. He added that the inauguration of the International Year of Cooperatives-2025 by Prime Minister Modi today and the hosting of the International Cooperative Conference of the ICA in India is a welcome step.

ICA Global Cooperative Conference and ICA General Assembly is being organised in India for the first time in the 130 year long history of International Cooperative Alliance (ICA), the premier body for the Global Cooperative movement. The Global Conference, hosted by Indian Farmers Fertiliser Cooperative Limited (IFFCO), in collaboration with ICA and Government of India, and Indian Cooperatives AMUL and KRIBHCO will be held from 25th to 30th November.