India's cooperative sector may create 55-56 mn self-employment jobs by 2030

Maintaining growth rate at 5-6 per cent must to achieve goal, says report

India’s cooperative sector can generate nearly 55-56 million self-employment opportunities by 2030, from around 30 million as of 2018, if it manages to maintain a healthy growth rate of 5-6 per cent per annum, a report released by Primus Research showed.

 

The sector has the potential to contribute 3-5 per cent to the country’s GDP by 2030. It could go up to 10 per cent, if both direct and self-employment are taken into account, the report added.

 

However, some critical interventions are required to achieve the goal. It includes, strengthening the institutional capacity of cooperatives by advancing digital infrastructure and adopting new technologies, launching of a new national cooperative mission, on-boarding cooperatives in the Open Network for Digital Commerce (ONDC) to expand market access and investing around Rs 5 crore to create ‘Janani,’ -- an e-marketplace for women-driven cooperatives, targeting significant rural market access and capital growth.

 

 

On the access to finance front, the report notes that steps should be taken to leverage the Priority Sector Lending (PSL) framework to direct funds to cooperatives, particularly Tier-1 cooperatives through commercial banks. Setting up a dedicated section on the National CSR Portal to connect distressed cooperatives with corporations meeting CSR obligations, and a cooperative financing program in partnership with international development agencies to provide concessional loans, grants, and technical assistance to Primary Agricultural Cooperative Societies (PACS).

 

It also calls for setting up a National Cooperative Tribunal and Grievance Redressal Commission to address cooperative-specific disputes effectively.