India's cooperatives scaled traditional boundaries to become cutting-edge innovators: HM Amit Shah
'Technological innovation is making cooperatives more inclusive today. When we speak of sustainable development today, cooperatives are emerging as an effective medium to embody the core principles of circular economy', he said in a message to an event on Monday marking the International Year of Cooperatives.
Shah, who also holds the Cooperatives portfolio, said, 'In India, cooperatives have now gone beyond their traditional boundaries and have become a medium for innovation and self-reliance in areas such as digital services, healthcare, education, energy, organic farming, and financial inclusion'.
The event was organised by the permanent missions of India, Mongolia and Kenya, with the theme, 'Cooperatives and Sustainable Development: Keeping the Momentum and Exploring New Pathways'.
Last year, the UN General Assembly proclaimed 2025 as the International Year of Cooperatives to promote the role of cooperatives in achieving the goals of sustainable development.
Kenya's Permanent Representative Ekitela Lokaale said cooperatives facilitated financial access for the people of this country through the Savings and Credit Cooperative Organisation (SACCO).
Cooperatives also provided avenues for sustainable and profitable agriculture through market access, and were now exploring new avenues towards sustainable development, he said.
Mongolia's Permanent Representative N Ankhbayar, who shared his country's experience, said the way forward was to foster global cooperation in promoting cooperatives.
India's Permanent Representative, P. Harish, said that imbued with the spirit of cooperation rooted in ancient Sanskrit texts, the cooperative sector has played a vital role over more than a century in the nation's growth.
Shah said that 'for thousands of years, cooperation has been the soul of Indian values' and now Prime Minister Narendra Modi has transformed cooperation into a people's movement with the mantra of "Sahkar Se Samriddhi" (Prosperity through Cooperation),
Cooperatives in India are based on 'a cultural consciousness based on the fundamental principles of partnership, transparency, and social justice, guiding us from the path of 'I' to 'we' and are 'a testament to the power of collective strength'.
India is developing the world-largest grain storage programme, which will be implemented through cooperatives to strengthen food security, ensure organised markets and provide better prices for farmers, he said.
To connect farmers directly with global markets and ensure they get a fair share of the profits from exports, he said, three multi-state cooperative societies -- Bharatiya Beej Sahkari Samiti Limited (BBSSL), National Cooperative Organics Limited (NCOL), and National Cooperative Exports Limited (NCEL) -- have been set up.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
17 minutes ago
- Economic Times
AI, Ethics, and Big Data: Key Themes at the LAQSA's IIQC 2025 Delhi edition
The Indian Institutional Quant Conference (IIQC) 2025, hosted at Taj City Centre in Gurugram, marked a defining moment for India's data-first investing movement. ADVERTISEMENT Organised by LAQSA (Lambda Quantitative Strategies Association), the Delhi edition of the conference brought together an eclectic mix of thought leaders, policy experts, economists, technologists, and quant professionals to explore how data-driven strategies are reshaping the future of Indian finance and policymaking. With the theme focused on the intersection of quantitative research, technology, and regulation, the one-day conference offered a rich mix of expert panels, fireside chats, and research-driven presentations. LAQSA's mission to promote the science behind market strategies was on full display, with a meticulously curated agenda that reflected both the maturity and the momentum of India's evolving quant of the standout moments of the day unfolded during a mid-morning discussion featuring eminent voices such as Dr. S.N. Ghosh (DEA-AJNIFM, Ministry of Finance), Dr. T.C.A. Anant (Ex-Chief Statistician of India, Ex-Secretary, MOSPI), and Arvind Mathur (Advisor & Mentor, NDA; Ex-ADB). Moderated by Pankaj Mani (LAQSA, WILMOTT), the panel tackled the complex relationship between data reliability, economic governance, and regulatory effectiveness. ADVERTISEMENT The discussion struck a chord by highlighting how the robustness of statistical systems directly influences market confidence and policy Kohli, Co-Founder of LAQSA, added, 'We're delighted with the overwhelming participation and spirit of discovery at this year's IIQC Delhi Edition. Each session illuminated new frontiers in systematic thinking and reinforced the power of community in shaping the future of quant in India.' ADVERTISEMENT As the day progressed, conversations turned toward the implications of emerging technologies. A thought-provoking fireside chat between Prof. Arun Kumar of JNU and Prof. Shanta Laishram from the Indian Statistical Institute examined the ethical dimensions of AI in finance—particularly its environmental impact and its potential to widen systemic inequalities if left unchecked. Later sessions featured insights from family offices, hedge fund managers, and fintech innovators, who delved into cutting-edge strategies such as long-short models, high-frequency trading, and alternative investment frameworks. ADVERTISEMENT These discussions reflected not only a growing sophistication in India's financial toolkit but also a strong appetite for experimentation with systematic and algorithmic Mani, Co-Founder of LAQSA, remarked, 'The Delhi Edition of IIQC underscored our commitment to cultivating innovative thinking and collaboration within the quant community. This vibrant gathering brought together domain leaders, educationists, researchers, and enthusiasts, fueling deeper conversations and actionable insights to push boundaries in data-driven domains.' ADVERTISEMENT As India's financial markets continue to evolve amidst global volatility and increasing complexity, the IIQC serves as more than just an industry meet—it is becoming a vital crucible for new ideas and disciplined LAQSA at the helm, the message is clear: quantitative strategies are not just a fleeting trend, but a foundational pillar of India's modern financial architecture. Also read | 8th Pay Commission: What Rs 3 lakh crore boost for government employees mean for stock market investors The future, as IIQC 2025 reaffirmed, will be written in data—and shaped by those bold enough to decode it. (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Business Standard
17 minutes ago
- Business Standard
LiHi Smart Batteries Drive the Push for Drone Tech Independence in India
VMPL New Delhi [India], August 2: LiHi Smart Batteries, a subsidiary of AKSI Aerospace Group, showcased its indigenously developed lithium battery solutions for drones at the 6th International Drone Expo held at Pragati Maidan, New Delhi. The company's participation highlights its commitment to powering India's drone future through homegrown energy solutions built for Indian environments and mission requirements. LiHi's advanced battery packs, available in various customized configurations, are designed to meet the growing needs of drone manufacturers across Agriculture, Surveillance, Industrial Solutions, Logistics, and Defense. At the core of LiHi's offering is its smart Battery Management System (BMS), which ensures Optimal charge distribution, Thermal safety, and Cell balancing--delivering Superior flight endurance, Performance consistency, and Operational safety. "Imported battery systems are often not optimized for India's diverse climate and usage demands," said Praveena Kokrady, COO, LiHi Smart Batteries. "Our batteries are tested and proven to operate reliably in sub-zero conditions in Ladakh and dust-heavy environments of Rajasthan, which gives Indian drone OEMs a serious performance edge. That level of resilience is difficult to find in off-the-shelf foreign systems." The push for self-reliance in the drone industry goes beyond final assembly. For India to be truly independent in unmanned aerial systems, it must build and own the critical subsystems--including batteries, BMS, motors, autopilots, and composite frames. LiHi's batteries are manufactured entirely at AKSI Aerospace's 50,000 sq. ft. facility in Hyderabad, offering full control over design, testing, and customization. By replacing dependency on imported power systems, LiHi empowers Indian manufacturers to secure their supply chains, reduce costs, and comply with evolving defence procurement standards favoring indigenization. "Battery and BMS systems are the nerve center of drone performance," said Pankaj Akula, Managing Director of AKSI Aerospace Group. "At AKSI, our vision is to develop all Critical drone Subsystems in-house--from power to flight control--so India's drone ecosystem can scale confidently and independently. LiHi is a key pillar of that mission." As drone adoption accelerates across sectors, the role of reliable, locally engineered battery systems becomes more critical than ever. LiHi Smart Batteries is proud to power that change--one flight at a time.
Time of India
17 minutes ago
- Time of India
India hardens stance in US trade talks; refuses tariff cuts on farm, dairy, GM foods as Trump escalates tariff war
India has hardened its stance on tariff concessions for US agricultural products, dairy, and GM foods in their bilateral trade agreement. This comes as President Trump announced a 25% import duty on Indian goods starting August 7. Tired of too many ads? Remove Ads What is the India-US bilateral trade agreement (BTA)? Tired of too many ads? Remove Ads What is the aim of the BTA? What are the major demands of the two countries from each other in the BTA? How much tariff is imposed by the US on Indian goods at present? Tired of too many ads? Remove Ads From when the 25 per cent duty will come into force? Why India is not ready to provide duty concessions on dairy, agri and GM foods? India has toughened its stance on extending duty concessions on agri products, dairy and GM foods in the proposed bilateral trade agreement (BTA) with the the US not able to finalise a deal with India so far, US President Donald Trump on Thursday announced imposition of an additional 25 per cent import duty on Indian goods entering American markets from August this duty was to be imposed from August 1. The President has also not specified the penalty which he has announced on India for buying crude oil and military equipment from is a list of Q&A (questions and answers) to explain reasons behind India's stand and impact of US tariffs on labour-intensive sectors:India and the US entered into negotiations for a fair, balanced and mutually beneficial BTA in March 2025 with a target to complete the first tranche/phase of the pact by fall (October-November) of far, five rounds of talks have been completed. For the next round, the US team, headed by Assistant US Trade Representative for South and Central Asia Brendan Lynch, is visiting India from August in a trade agreement, two trading partners either significantly reduce or eliminate import duties on the maximum number of goods traded between them. Besides, they ease norms to promote trade in services and increase two-way India-US BTA is aimed at more than doubling the bilateral trade to USD 500 billion by 2030 from the present USD 191 US wants duty concessions on certain industrial goods, automobiles, especially electric vehicles, wines, petrochemical products, agri goods, dairy items, apples, tree nuts, and genetically-modified is seeking the removal of this additional tariff (25 per cent now) and cut in tariffs on steel and aluminium (50 per cent), auto sector (25 per cent), labour-intensive sectors, such as textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and average import duty is about 17 per cent, while the US' is 3.3 per cent. On April 2, the US announced to impose 26 per cent duty (16 per cent reciprocal tariff and 10 per cent baseline tariff). At present, only the baseline tariff is in force. It is over and above the existing import duty on Indian example, before April 2, the Indian textiles were attracting a 6-9 per cent tariff in America. With the baseline tariff, it rose to 16-19 per cent. But from August 7, the sector will attract a 31-34 per cent duty. The baseline tariff will be replaced by 25 per cent duty notified on July 31 by the White certain products are exempted from these tariffs such as pharmaceutical, electronics and energy duty, announced this week, will come into force from August 7 (9.30 am IST). The executive order has also clarified that goods in transit until October 5, 12:01 am eastern daylight time (EDT), or 09:30 am IST, will be subject to a 10 per cent tariff, provided that such goods have entered into transit before August 7 12:01 am Farm livelihoods are at stake. This is a politically and economically sensitive area as over 700 million people in India's rural economy are dependent on the sector. If India removes tariffs, cheap, subsidised US grains could flood Indian markets during global price the US, where agriculture is corporatised, Indian farming is a livelihood issue. Tariffs are essential to protect small farmers, manage price volatility, and ensure food India wants to safeguard its small farmers. GTRI stated that the US argues that India's GM-free feed certification and facility registration protocols effectively bar American dairy imports."Indian rules prohibit imports from animals fed with animal-derived feed' for example, butter from a cow fed meat' due to religious sensitivities. India considers this policy non-negotiable," GTRI has Food: These are created by inserting specific genes, often from bacteria, viruses, other plants, or occasionally animals, into a plant's DNA to introduce new traits, such as pest resistance or herbicide the import of GM products such as soybean meal and distillers dried grains with solubles (DDGS) for animal feed would affect India's agricultural exports to the EU, a key destination for Indian exporters.
