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Cooperatives are the Backbone of India’s Rural Economy: Deputy Chief Minister
Speaking at the inauguration of the two-day National Cooperative Conference held here today, Deputy Chief Minister Mukesh Agnihotri emphasized the crucial role of technology in empowering cooperatives. He described cooperatives as the backbone of India’s rural economy and highlighted Himachal Pradesh’s pioneering role in the cooperative movement, which has been active since 1892.
The Deputy Chief Minister noted that the state currently has 5,544 active cooperative societies, including 2,287 agricultural cooperatives and 10 cooperative banks. He stated that deposits in these cooperative banks range between ₹27,000 crore and ₹28,000 crore, reflecting their strong presence in rural areas. He further pointed out that women-led cooperatives, such as the Swana Mahila Sangh in Una, have achieved remarkable success with a turnover of ₹25 crore.
The conference brought together leaders of the cooperative movement, policymakers, regulators, and innovators from across the country to celebrate the International Year of Cooperatives 2025 and deliberate on the future of cooperative institutions. Devendra Shyam, Chairman of the Himachal Pradesh State Cooperative Bank, described the event as more than just a conference—it is a milestone that reaffirms the power of cooperatives as an idea and explores pathways for digital and institutional transformation.
The cooperative fair and fintech corporate exhibition have brought together various cooperative organizations and technology partners under one roof. From dairy and agricultural cooperatives to cutting-edge fintech companies, the exhibition showcased the strength of collaboration and innovation. Delegates had the opportunity to explore digital solutions tailored for cooperative banks, cybersecurity tools, and technology-driven models aimed at enhancing financial inclusion.
During an evening dialogue session, distinguished personalities such as RBI Governor Sanjay Malhotra, Himachal Pradesh Chief Secretary Prabodh Saxena, Joint Secretary of the Ministry of Cooperation Raman Kumar, and Deputy Managing Director of NABARD Govardhan Rawat discussed the cooperative model as a force for inclusive development.
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