New cooperative policy: Centre writes to stakeholders

The source said the new policy will be finalised after an extensive consultation. The move comes two months after Minister for Home Affairs Amit Shah, who is also Minister of Cooperation, announced that his ministry will formulate 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 said, addressing the National Cooperative Conference on September 25, 2021.

The existing National Policy on Cooperatives was brought in by then NDA government in March 2002.

Meanwhile, the Ministry has decided to amend the Multi-State Cooperative Societies Act, 2002, as well. In a written reply in Lok Sabha on Tuesday, Shah said, “It is proposed to amend the Multi-State Cooperative Societies Act, 2002 so as to have a 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.”

In July, this year, the Centre carved the Department of Cooperation out of the Ministry of Agriculture and Farmers’ Welfare and created a separate Ministry of Cooperation with Shah as its first minister. It is aimed at providing a “separate administrative, legal and policy framework for strengthening the cooperative movement in the country”.