Latest news with #CooperativeAct
The Star
5 days ago
- Business
- The Star
New Cooperative Act expected to be tabled in Parliament this December
BANGI: A new cooperative law to replace the current Cooperative Act 1993 (Act 502) is expected to be tabled in Parliament this December, says Entrepreneur Development and Cooperatives Ministry secretary-general Datuk Seri Khairul Dzaimee Daud. He said the ministry is introducing a new law to enable the cooperative movement to operate more effectively as a business entity and become a stronger driver of the national economy. "Therefore, we are repealing the existing act and replacing it with a new one, which will be tabled in Parliament for the first reading in December. "The 2026 Parliament session, scheduled for around March or April, is expected to see the second reading, with the aim of enforcing the new act by July next year,' he said at the opening of the Angkasa-Minda-UKM Cooperative Empowerment Forum here on Thursday, Bernama reported. Previously, Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick said that his ministry was drafting the new Cooperative Act to replace Act 502. The Cabinet paper on the matter was presented and approved in principle on Jan 8. Khairul Dzaimee added that the ministry is actively engaging with state governments and stakeholders to ensure the new law is properly implemented in the best interests of cooperatives. He also said that the new cooperative law aims to create more responsive and dynamic cooperatives, facilitate cooperative businesses, enhance the well-being of the community and improve cooperative governance. "The main essence of this new act is to liberalise the cooperative movement by reducing excessive monitoring, previously focused heavily on legislation, and giving cooperatives more space to operate as business entities,' he said. Meanwhile, Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) president Datuk Seri Abdul Fattah Abdullah expressed support for the government's efforts to enhance the cooperative ecosystem in the country. "We want to make cooperatives a culture among Malaysians by 2050. Angkasa (also) strongly supports the government's efforts to liberalise the laws and regulations that are being made and improve the (cooperative) ecosystem,' he said. Also present were Universiti Kebangsaan Malaysia (UKM) deputy vice-chancellor (Academic and International Affairs) Prof Dr Abdul Halim Abdul Gafor and the Malaysian Inclusive, Development and Advancement Institute (MINDA-UKM) director Prof Tan Sri Dr Noor Azlan Ghazali.
Hans India
12-05-2025
- Business
- Hans India
Panel will be set up to make necessary changes in Cooperative Act: Maha CM
Chief Minister Devendra Fadnavis on Monday announced that a committee will be formed to suggest the necessary changes in the Cooperative Act. 'There is a need to make changes in the current Cooperative Societies Act in line with the times. The work of providing justice to every entity related to the cooperative sector should be done through the Cooperative Act. "For this, new chapters related to each sector will have to be included in the law. For this, necessary changes will have to be made in the Cooperative Act. A committee is being formed for the necessary changes in the Cooperative Act,' he said in his speech at the symposium on the occasion of International Cooperative Day organised here by the Maharashtra State Cooperative (MSC) Bank. The CM has responded to the observations made in this regard by Union Minister Nitin Gadkari, who in his speech on Monday had made a strong recommendation that the state government needs to craft a new law for the cooperative sector in the changing situation. Stating that cooperative banks have adapted to modern technology and brought about radical changes in the banking sector, CM Fadnavis said, 'Cooperative banks have adopted a modern technological banking system along with the core banking system. Cooperative banks are providing all the services useful to the customers. Due to this, cooperative banks have survived during the period of 'fiscal consolidation'. Cooperative banks have done a great job during this period too. The uprising against moneylenders in Supe in Pune district on May 12, 1875 marked the beginning of the cooperative sector. Today, 150 years have passed since this historical event.' 'Prime Minister Narendra Modi has launched a separate Ministry of Cooperatives for the first time at the Centre. Through this ministry, the cooperative movement is being empowered across the country. Cooperatives are being empowered across the country through the Central Government. This is giving a boost to the rural economy. "With the help of the World Bank, training is being provided to cooperatives in 10,000 villages and their business models are being developed. The World Bank has also expressed satisfaction for this work and this has given a new start to Agri Businesses,' said the chief minister. He said that the cooperative sugar factories are also producing by-products along with sugar production and this has helped them survive global competition. 'There are complaints that electricity rates are making it difficult for spinning mills operating on a cooperative basis to survive in the global competition. The government also provides subsidies for electricity. Therefore, all spinning mills are being converted to solar energy,' he said, adding that this will solve the biggest problem of electricity for spinning mills. CM Fadnavis further stated that processing industries should also be helped through the cooperative sector. 'Nearly 50 per cent of the total cooperative societies are cooperative housing societies. By amending the Cooperative Act, a separate chapter has been included for cooperative housing societies in the past. Through this, the system of cooperative housing societies is being established. A new scheme has been brought for cooperative societies for self-redevelopment. The state government is giving them 17 different types of concessions. Due to the strengthening of cooperative housing societies, citizens are getting their rightful homes in Mumbai itself. A committee has also been formed under the chairmanship of MLA Praveen Darekar regarding self-redevelopment of cooperative housing societies,' he added. He announced that a positive decision would be taken after a study to carry out the state government's transactions on a large scale through cooperative banks. Meanwhile, Deputy Chief Minister Eknath Shinde asserted that the cooperative sector will play a major role in India's ambitions of becoming a superpower. 'After the establishment of the Ministry of Cooperation at the Centre, there has been a wave of reforms in the cooperative sector in the country. Rural Marts are being set up in rural areas with the help of NABARD. The cooperative movement has gained more strength due to Kisan Credit Card and Micro ATM. This is giving a boost to the rural economy to a large extent. Maharashtra Cooperative Bank is the largest bank in the cooperative sector in the country with a turnover of Rs 62,000 crore,' said Dy CM Shinde. Dy CM Ajit Pawar said a revolt against moneylenders took place in Supe from Pune district 150 years ago, which was the beginning of the cooperative sector. 'Today, the cooperative movement has come a long way. However, this movement needs to be strengthened to face future crises and challenges,' he added. He suggested that the Maharashtra State Cooperative Bank should prepare a report on the history of the cooperative movement so far.
The Hindu
12-05-2025
- Business
- The Hindu
Nitin Gadkari advocates Maharashtra to create new law for cooperative sector to keep pace with 'evolving economic conditions'
Union Minister Nitin Gadkari on Monday (May 12, 2025) suggested the Maharashtra government to formulate a new law for the cooperative sector in the State considering the evolving economic conditions. The cooperative sector would play a key role in improving the financial condition of people from rural areas, he said, and urged the Maharashtra State Cooperative Bank, the apex cooperative bank in the State, to study the socio-economic impact of the cooperative movement in the State. Addressing a public function in Mumbai, Mr. Gadkari said, 'It is my request to Maharashtra Chief Minister and Deputy Chief Minister to come up with a revised act for the cooperative sector. We must find a golden mean between the Cooperative Act and the Companies Act and formulate a new legislation accordingly.' 'There is a need to amend the laws governing cooperative establishments to align with evolving economic conditions,' he said. The Road Transport and Highways Minister said the Maharashtra State Cooperative Bank should conduct a comprehensive study on the socio-economic impact of the cooperative movement in the State. "The socio-economic impact of the cooperative movement in Maharashtra should be studied across the State at the tehsil and district levels. It should measure employment, per capita income and growth rate," he said. Highlighting the economic imbalance between sectors, Mr. Gadkari said while the manufacturing sector contributes 22 to 24%, the services sector 52 to 54% to the GDP generating maximum Goods and Services Tax (GST). The agriculture and rural development sector contribute only 12% despite employing 60% of the population, he said. "Nearly 30% of people have migrated to cities out of compulsion due to lack of education, jobs and facilities in rural areas," Mr. Gadkari said. He described the dairy sector as a model to boost the income of the rural population. Pointing to regional disparities in terms of milk production, he said, "Ahilyanagar district produces 50 lakh litres of milk, while Kolhapur produces 70-80 lakh litres. This has brought prosperity to villages. However, the milk production of the entire Vidarbha region is not even as much as that of Ahilyanagar," he claimed. Mr. Gadkari said a ₹750 crore-worth Mother Dairy plant had been established in Vidarbha, which could significantly boost milk production. "If we can reach 50 lakh litres in the next three years, farmers' suicides will stop. The cooperative sector will play a huge role in uplifting rural areas and improving their financial condition," he said. The Minister also praised the emergence of farmer-producer companies involved in processing food grains. "Now, many farmer-producers companies have come forward and started food processing. This will add value and create rural employment," he added. Reflecting on his political journey, Mr. Gadkari said the ideologies which once dominated the political scene, gradually became weaker. "When I was the BJP State president, socialism and Left parties were strong. However, they gradually disappeared. There is no alternative to capitalism. We must adapt with changing times," he asserted. He shared insights from international observations to emphasise the importance of reform. "I had seen the same thing during my Shanghai visit as BJP national president. China had only a red flag, but their entire economic policy underwent a change," Mr. Gadkari said. He stressed the limitations of the State's control over agricultural pricing, and said, 'In the global economy, the government no longer decides prices'. "If we do not adapt to the changing times, there is a risk of us being left behind," he said.
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Business Standard
12-05-2025
- Business
- Business Standard
Nitin Gadkari urges new cooperative law to match changing economic needs
Union minister Nitin Gadkari on Monday suggested the Maharashtra government to formulate a new law for the cooperative sector in the state considering the evolving economic conditions. The cooperative sector would play a key role in improving the financial condition of people from rural areas, he said, and urged the Maharashtra State Cooperative Bank, the apex cooperative bank in the state, to study the socio-economic impact of the cooperative movement in the state. Addressing a public function here, Gadkari said, "It is my request to Maharashtra chief minister and deputy chief minister to come up with a revised act for the cooperative sector. We must find a golden mean between the Cooperative Act and the Companies Act and formulate a new legislation accordingly." "There is a need to amend the laws governing cooperative establishments to align with evolving economic conditions," he said. The Road Transport and Highways Minister said the Maharashtra State Cooperative Bank should conduct a comprehensive study on the socio-economic impact of the cooperative movement in the state. "The socio-economic impact of the cooperative movement in Maharashtra should be studied across the state at the tehsil and district levels. It should measure employment, per capita income and growth rate," he said. Highlighting the economic imbalance between sectors, Gadkari said while the manufacturing sector contributes 22 to 24 per cent, the services sector 52 to 54 per cent to the GDP generating maximum Goods and Services Tax (GST). The agriculture and rural development sector contributes only 12 per cent despite employing 60 per cent of the population, he said. "Nearly 30 per cent of people have migrated to cities out of compulsion due to lack of education, jobs and facilities in rural areas," Gadkari said. He described the dairy sector as a model to boost the income of the rural population. Pointing to regional disparities in terms of milk production, he said, "Ahilyanagar district produces 50 lakh litres of milk, while Kolhapur produces 70-80 lakh litres. This has brought prosperity to villages. However, the milk production of the entire Vidarbha region is not even as much as that of Ahilyanagar," he claimed. Gadkari said a Rs 750 crore-worth Mother Dairy plant had been established in Vidarbha, which could significantly boost milk production. "If we can reach 50 lakh litres in the next three years, farmers' suicides will stop. The cooperative sector will play a huge role in uplifting rural areas and improving their financial condition," he said. The minister also praised the emergence of farmer-producer companies involved in processing food grains. "Now, many farmer-producers companies have come forward and started food processing. This will add value and create rural employment," he added. Reflecting on his political journey, Gadkari said the ideologies which once dominated the political scene, gradually became weaker. "When I was the BJP state president, socialism and Left parties were strong. However, they gradually disappeared. There is no alternative to capitalism. We must adapt with changing times," he asserted. He shared insights from international observations to emphasise the importance of reform. "I had seen the same thing during my Shanghai visit as BJP national president. China had only a red flag, but their entire economic policy underwent a change," Gadkari said. He stressed the limitations of the state's control over agricultural pricing, and said, "In the global economy, the government no longer decides prices. "If we do not adapt to the changing times, there is a risk of us being left behind," he said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
12-05-2025
- Business
- Time of India
Gadkari calls for new law for cooperative sector to keep pace with 'evolving economic conditions'
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Union minister Nitin Gadkari on Monday suggested the Maharashtra government to formulate a new law for the cooperative sector in the state considering the evolving economic conditions . The cooperative sector would play a key role in improving the financial condition of people from rural areas, he said, and urged the Maharashtra State Cooperative Bank, the apex cooperative bank in the state, to study the socio-economic impact of the cooperative movement in the a public function here, Gadkari said, "It is my request to Maharashtra chief minister and deputy chief minister to come up with a revised act for the cooperative sector. We must find a golden mean between the Cooperative Act and the Companies Act and formulate a new legislation accordingly." "There is a need to amend the laws governing cooperative establishments to align with evolving economic conditions," he Road Transport and Highways Minister said the Maharashtra State Cooperative Bank should conduct a comprehensive study on the socio-economic impact of the cooperative movement in the state. "The socio-economic impact of the cooperative movement in Maharashtra should be studied across the state at the tehsil and district levels. It should measure employment, per capita income and growth rate," he the economic imbalance between sectors, Gadkari said while the manufacturing sector contributes 22 to 24 per cent, the services sector 52 to 54 per cent to the GDP generating maximum Goods and Services Tax (GST). The agriculture and rural development sector contributes only 12 per cent despite employing 60 per cent of the population, he said. "Nearly 30 per cent of people have migrated to cities out of compulsion due to lack of education, jobs and facilities in rural areas," Gadkari described the dairy sector as a model to boost the income of the rural population. Pointing to regional disparities in terms of milk production, he said, "Ahilyanagar district produces 50 lakh litres of milk, while Kolhapur produces 70-80 lakh litres. This has brought prosperity to villages. However, the milk production of the entire Vidarbha region is not even as much as that of Ahilyanagar," he said a Rs 750 crore-worth Mother Dairy plant had been established in Vidarbha, which could significantly boost milk production. "If we can reach 50 lakh litres in the next three years, farmers' suicides will stop. The cooperative sector will play a huge role in uplifting rural areas and improving their financial condition," he said. The minister also praised the emergence of farmer-producer companies involved in processing food grains. "Now, many farmer-producers companies have come forward and started food processing. This will add value and create rural employment," he on his political journey, Gadkari said the ideologies which once dominated the political scene, gradually became weaker. "When I was the BJP state president, socialism and Left parties were strong. However, they gradually disappeared. There is no alternative to capitalism. We must adapt with changing times," he asserted. He shared insights from international observations to emphasise the importance of reform. "I had seen the same thing during my Shanghai visit as BJP national president. China had only a red flag, but their entire economic policy underwent a change," Gadkari said. He stressed the limitations of the state's control over agricultural pricing, and said, "In the global economy, the government no longer decides prices. "If we do not adapt to the changing times, there is a risk of us being left behind," he said.
