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NEW DELHI: Union home and cooperation minister Amit Shah on Wednesday said government‘s aim is to ensure the cooperative sector has a big share in the Indian economy, which is projected to be $5 trillion by 2027-28.
“We have decided that in the Modi government’s $5 trillion economy target, cooperatives will have a big share and the sector in a way will advance into the 21st century directly from the 19th century,” said Shah, noting that the cooperative movement missed the growth trajectory in the 20th century.
Underlining that his ministry has taken 60 major initiatives in the last 30 months for the growth of the cooperative movement, he also said Rs 241 crore have been returned to about 2.5 lakh small investors who had deposited funds in four cooperative societies linked to the Sahara Group of companies.
Shah earlier inaugurated the new office of Central Registrar of Cooperative Societies (CRCS), spread over 41,000 square feet, at the World Trade Centre, Nauroji Nagar in South Delhi. CRCS monitors the affairs of multi-state cooperatives as a watchdog. A total of 1,625 such cooperative societies are registered in the country with crores of members associated with them.
The Supreme Court had in March last year directed transferring Rs 5,000 crore from Sahara-Sebi refund account to the CRCS. In July, the cooperation ministry launched the ‘CRCS-Sahara Refund Portal’ with the objective of helping around four crore small-time investors whose funds are stuck in the four cooperative societies.
“We have decided that in the Modi government’s $5 trillion economy target, cooperatives will have a big share and the sector in a way will advance into the 21st century directly from the 19th century,” said Shah, noting that the cooperative movement missed the growth trajectory in the 20th century.
Underlining that his ministry has taken 60 major initiatives in the last 30 months for the growth of the cooperative movement, he also said Rs 241 crore have been returned to about 2.5 lakh small investors who had deposited funds in four cooperative societies linked to the Sahara Group of companies.
Shah earlier inaugurated the new office of Central Registrar of Cooperative Societies (CRCS), spread over 41,000 square feet, at the World Trade Centre, Nauroji Nagar in South Delhi. CRCS monitors the affairs of multi-state cooperatives as a watchdog. A total of 1,625 such cooperative societies are registered in the country with crores of members associated with them.
The Supreme Court had in March last year directed transferring Rs 5,000 crore from Sahara-Sebi refund account to the CRCS. In July, the cooperation ministry launched the ‘CRCS-Sahara Refund Portal’ with the objective of helping around four crore small-time investors whose funds are stuck in the four cooperative societies.
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