How Cooperative Societies are Transforming India's Economy: Insights from Bhubaneswar
Empowering Communities Through Cooperatives
Bhubaneswar: Governor Hari Babu Kambhampati emphasized the vital role of cooperative societies in driving social and economic change across India. Speaking at the celebration of the International Year of Cooperatives 2025 at New Abhisek Hall, Raj Bhavan, he noted that these societies are crucial for financial inclusion, job creation, and community empowerment. Kambhampati expressed pride in participating in this important event, organized by the Cooperation department, which gathered significant figures from the cooperative sector. He highlighted the United Nations' declaration of 2025 as the International Year of Cooperatives, themed 'Cooperatives Build a Better World,' underlining their importance in tackling contemporary issues.
The Governor commended Prime Minister Narendra Modi for launching a dedicated Ministry of Cooperation in 2021, calling it a forward-thinking initiative aimed at bolstering the cooperative sector at the grassroots level.
A significant moment during the event was the signing of a memorandum of understanding (MoU) between the Odisha State Marketing Federation and three newly established national cooperative organizations: National Cooperative Organics Limited, National Cooperative Exports Limited, and Bharatiya Beej Sahakari Samiti Limited. Kambhampati stated that this collaboration would allow Odisha's cooperatives to tap into broader markets, promote organic and sustainable products, and enhance the earnings of farmers and producers.
Cooperation Minister Pradeep Bal Samanta, addressing the attendees, reaffirmed the government's dedication to fortifying the rural economy through cooperative initiatives. He discussed various departmental measures aimed at improving transparency and accountability within Primary Agricultural Credit Societies (PACS) and Large Area Multi-Purpose Cooperative Societies (LAMPCS). During the event, new PACS and LAMPCS also submitted their applications for membership in the national cooperatives.