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The Hindu
12-05-2025
- Business
- The Hindu
Committee to be formed for amendments to Cooperative Societies Act in Maharashtra, says CM Fadnavis
Maharashtra Chief Minister Devendra Fadnavis on Monday (May 12, 2025) announced the formation of a committee to look into amendments to the Maharashtra Cooperative Societies Act, 1960. '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.
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.
