Committee to be formed for amendments to Cooperative Societies Act in Maharashtra, says CM Fadnavis
'The existing Cooperative Societies Act needs to evolve with times. To do so, new chapters related to each sector will be included in the law,' Mr. Fadnavis said.
Union Minister of Road Transport Nitin Gadkari recommended the formulation of a new law for the cooperative sector in the State to factor evolving economic conditions and market competition. Mr. Gadkari also suggested a detailed study to examine the socio-economic impact of the cooperative movement in the State.
'The capital market is so huge. The government should give it a push. The organisation which works well — let them sell the stock in the market. If they are doing well, their share value will increase; otherwise (it will) fall,' Mr. Gadkari said, addressing a seminar organised by the Maharashtra State Cooperative Bank.
'There is no alternative to it,' Mr. Gadkari said, hailing capitalism.
Mr. Fadnavis gave China as an example. 'With time, ideologies dominating politics gradually became weaker. So, with time, we should adapt. Earlier, communism was the fashion, now everything [has] disappeared,' Mr. Fadnavis said, adding that China still had a 'red flag' (a reference to communism) but accepted liberal economic thinking, leaving behind Marxist ideology for the sake of the development of the country.
Impact study
Mr. Gadkari reflected on the image of the cooperative movement outside Maharashtra, stating that the story of the cooperative sector was 'image versus reality, ground reality versus perception'.
He gave the example of the Gujarat-based inter-State Madhavpura Mercantile Cooperative Bank. 'The bank was defunct and brought the name to the cooperative sector, but only bad things are remembered. So, it is important to conduct a study of the socio-economic impact of the cooperative movement and understand the impact that credit societies, housing societies, consumer societies, and urban cooperative banks made,' Mr. Gadkari said, adding that this would enhance the contribution of cooperative societies to agriculture at the national level.
'22% to 24% of GDP comes from the manufacturing sector. The services sector contributes 52% to 54% to the GDP, generating maximum GST (Goods and Services Tax). The agriculture and rural development sector is on third [position], contributing only 12% [to the GDP] despite employing 60% of the population,' Mr. Gadkari said.
Almost 30% of the population migrated to cities in search of better income and education, he said. 'The cooperative sector has helped people in rural areas arrange capital for small businesses like e-rickshaws, vegetable sellers, or tea stalls, which is impossible to receive from national banks as the financial amount is meagre,' the Union Minister said.
He cited the example of Kolhapur district, where per capita income is highest owing to the production of milk, and the presence of sugar factories. 'Kolhapur produces 70-80 lakh litres (of milk), which has brought prosperity to villages. On the other hand, Vidarbha lacks such milk production. The cooperative sector can uplift villages. A ₹750 crore-worth Mother Dairy plant has been established in Nagpur, Vidarbha. If we reach 50 lakh litres (output) in the next three years, farmers' suicides are likely to stop,' Mr. Gadkari said.
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