A recent report by management consultancy firm Primus Partners has highlighted the significant potential of India’s cooperatives sector in job creation.
According to the report, cooperatives in India have the capacity to generate up to 5.5 crore direct jobs and 5.6 crore self-employment opportunities by 2030.
This projection underscores the cooperative sector’s role in driving economic growth and social equity.
India’s Largest Cooperatives Network
India boasts the world’s largest cooperative network, representing nearly 30% of the 30 lakh cooperative societies globally.
The cooperative sector has seen steady job growth over the years, with employment numbers rising from 12 lakh jobs in 2007-08 to 58 lakh jobs by 2016-17, growing annually at a remarkable 18.9%.
This growth trajectory highlights the sector’s capacity to address both employment and self-employment needs in India.
The cooperative sector is expected to contribute 3-5% to India’s GDP directly, with the potential to exceed 10% when considering both direct and self-employment impacts.
This significant contribution to the economy positions cooperatives as a key driver of India’s goal to become a USD 5 trillion economy by 2030.
The report also emphasizes the sector’s role in promoting financial inclusion, rural development, and socio-economic empowerment.
Modernization and Policy Support
The establishment of the Ministry of Cooperation in 2021 has been a landmark move to strengthen the cooperative ecosystem.
The ministry aims to modernize the sector, streamline policies, and address funding challenges to make cooperatives self-sustainable.
With around 8.5 lakh cooperative societies and a membership base of 29 crore people, cooperatives are poised to play a transformative role in India’s development journey.
Despite the sector’s potential, key barriers such as limited access to technology, lack of market visibility, and inadequate financing persist.
The report recommends onboarding cooperatives onto platforms like the Open Network for Digital Commerce (ONDC) to streamline logistics and expand market reach.
It also suggests launching targeted initiatives such as ‘Janani,’ an e-marketplace for women-led cooperatives, and establishing Centers of Excellence (CoEs) in partnership with institutions like Krishi Vigyan Kendras (KVKs) to offer training in digital tools, entrepreneurship, and modern agricultural practices.
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