PM Modi Inaugurates ICA Global Cooperative Conference 2024, Outlines Vision for Cooperative-Led Growth

Prime Minister Narendra Modi inaugurated the ICA Global Cooperative Conference 2024 at Bharat Mandapam in New Delhi on November 25, marking a historic moment for India’s cooperative movement. The event also witnessed the launch of the United Nations' International Year of Cooperatives 2025 and the release of a commemorative postal stamp, underlining the importance of the cooperative sector in India's growth story.

Addressing the gathering, Modi extended a warm welcome to international dignitaries, including Bhutan’s Prime Minister Dasho Tshering Tobgay, Fiji’s Deputy Prime Minister Manoa Kamikamica, Union Home Minister Amit Shah, UN Resident Coordinator in India Shombi Sharp, and International Cooperative Alliance (ICA) President Ariel Guarco. The Prime Minister’s welcome also resonated with millions of farmers, fishermen, cattle breeders, self-help groups, and youth integrating technology with cooperatives across India.

Modi highlighted India’s centuries-old tradition of cooperation, drawing parallels between the cooperative spirit and Indian cultural values. He highlighted that while cooperatives are a model for the world, in India, they form a way of life deeply rooted in the ethos of coexistence and collective progress. Reciting verses from the Vedas and Upanishads, he underscored that the cooperative spirit aligns with India’s ancient wisdom of unity and shared purpose.

The Prime Minister reflected on the cooperative movement’s role during India’s independence struggle. From Gandhiji’s Gram Swaraj movement to Sardar Patel’s milk cooperatives, he noted how cooperatives empowered communities socially and economically.  Modi celebrated AMUL as a shining example of the cooperative movement, describing it as a product of India’s fight for independence and a global food brand today.

India, the Prime Minister noted, houses 8 lakh cooperative societies, which constitute one-fourth of the world’s total cooperatives. Nearly 30 crore Indians, or one in five citizens, are part of the cooperative ecosystem. From sugar and fertilizer production to fisheries, milk, and housing, cooperatives have become integral to rural and urban livelihoods. The Prime Minister highlighted India’s robust cooperative banking system, with over Rs 12 lakh crore in deposits. Reforms under his government, including Reserve Bank of India oversight and increased deposit insurance, have enhanced the system’s trust and efficiency.

Modi elaborated on his government’s transformative approach to the cooperative sector. A dedicated Ministry of Cooperation was established to create multipurpose societies and link them to IT-enabled ecosystems. He highlighted the government’s initiatives to integrate cooperatives into modern supply chains, including enabling digital sales through platforms like Open Network for Digital Commerce (ONDC) and the Government e-Marketplace (GeM).

The Prime Minister also underscored the cooperative sector’s role in agriculture, announcing the creation of multipurpose cooperative societies in 2 lakh villages and a large-scale grain storage scheme managed by cooperatives. He highlighted the formation of nearly 9,000 Farmer Producer Organizations (FPOs) to strengthen supply and value chains, linking farms to kitchens through technology.

Women’s participation in cooperatives was another key focus of Modi’s address. He highlighted that women comprise more than 60% of the cooperative workforce and announced mandatory provisions for women directors on the boards of multi-state cooperative societies. He praised the success of self-help groups, which have received Rs 9 lakh crore in loans over the last decade, creating wealth in rural India and serving as a global model for women’s empowerment.

Looking ahead, Modi called for a collaborative financial model to support small and financially weak cooperatives. He stressed the need for global financial institutions to fund cooperative projects and the importance of making cooperatives climate-resilient and connected to the circular economy. The Prime Minister also encouraged innovation in cooperative policies and urged the sector to lead with integrity and mutual respect.

Modi emphasized India’s human-centric approach to development, citing the nation’s compassionate response during the COVID-19 crisis. He called for cooperatives to become global leaders in promoting inclusive growth, particularly for the Global South.

Concluding his address, the Prime Minister expressed confidence that the cooperative movement, infused with India’s spirit of cooperation and innovation, would shape the 21st century and beyond.