The Centre has started the process of put together a new cooperative policy, with the recently created Ministry of Cooperation writing to major stakeholders for suggestions.
Sources stated that the Ministry wrote to different stakeholders, which includes Central ministries, state government, and cooperative federations looking for their views and suggestions for the new formulated policy in the 2nd week of November.
The sources stated that the latest policy will be finalized after considerable consultation. This move comes 2 months after Minister for Home Affairs Amit Shah, who is also Minister of Cooperation, announcing that the ministry will make a new cooperative policy.
“We have decided that a new cooperative policy will be released soon. Atal ji first brought it in 2002, now Modi ji will bring it in 2021-22,” he had stated, addressing the National Cooperative Conference on 25th September 2021.
In March 2002, the existing National Policy on Cooperatives was got in by the NDA.
At the same time, the Ministry has planned to amend the Multi-State Cooperative Societies Act, 2002, as well. In a written response on Tuesday in Lok Sabha, Amit Shah stated, “It is proposed to amend the Multi-State Cooperative Societies Act, 2002 so as to have an effective regulatory mechanism for the multi-State cooperative societies, to keep the legislation in tune with the changing economic policies, to make the management accountable to the members of the societies and to protect the interests of the depositors and the shareholders of the societies.”
This year in July, the Centre chiseled the Department of Cooperation out of the Ministry of Agriculture and Farmer’s Welfare and made a separate Ministry of Cooperation with Amit Shah as its very first minister. It is aimed at giving a “separate administrative, legal and policy framework for strengthening the cooperative movement in the country”.