New Delhi: Finance Minister Nirmala Sitharaman on Wednesday said that the Ministry of Co-operation will provide a separate administrative, legal, and policy framework for strengthening the cooperative movement.
Taking to her official Twitter handle, Finance Minster wrote "The Modi government has created a separate 'Ministry of Co-operation'. This new ministry will provide a separate administrative, legal, and policy framework for strengthening the cooperative movement in India in order to realize the vision of SahkarSeSamriddhi,".
The move targets to strengthen the co-operative movement in the country and deepen cooperatives as a true people-based movement reaching the grassroots. This ministry will provide a separate administrative, legal and policy framework for strengthening the cooperative movement. The cooperative-based economic development model is very relevant to the country where each member works with a spirit of responsibility.
The ministry will work to streamline processes for 'ease of doing business' for cooperatives and enable the development of Multi-State Co-operatives (MSCS). The creation of a separate Ministry for Cooperation also fulfils the budget announcement made by the Union Finance Minister, the sources said. The decision is also being seen as a step to empower farmers.
Second Covid hits Household debt 37.3 percent of GDP in FY21: SBI Report
India’s economy would recover in the ongoing financial year: SBI Chairman
Covid-19 Pandemic continues to pose risks to economic outlook: Jerome Powell