Cooperation Beyond Borders: Modi's Vision for a Global Cooperative Future

Prime Minister Narendra Modi called for a new collaborative financial model supporting cooperatives globally, emphasizing their role in economic growth. At the ICA Global Cooperative Conference, Modi proposed international financial institutions for cooperatives, stressed climate resilience, and showcased India's actions during the pandemic as cooperative examples.

Prime Minister Narendra Modi on Monday advocated for establishing a new global financial model to boost cooperative ventures, highlighting their potential to fuel economic growth, especially in developing nations. Speaking at the ICA Global Cooperative Conference, he also introduced the UN International Year of Cooperation 2025 and proposed international financial institutions focused on cooperatives.

Emphasizing the need for climate-resilient cooperatives linked to the circular economy, Modi pushed for cooperative-driven startups. Citing India's vaccine sharing during the COVID-19 pandemic as an example, he underscored the moral imperative of cooperative principles, advocating for integrity and mutual respect as key cooperative values.

India, hosting this ICA conference for the first time, boasts a vibrant cooperative sector encompassing over 8 lakh organizations, engaging 30 crore people. Recent government reforms in cooperative banking and multipurpose cooperative societies aim to expand these ventures further, with a significant focus on women's participation and digital market expansion. The event drew 3,000 delegates including international dignitaries, marking a historic gathering in cooperative history.

(With inputs from agencies.)