India to become 3rd largest economy in a few years, cooperative sector to play crucial role, says Amit Shah

Cooperation Minister Amit Shah on Monday said India will become the world's third-largest economy a few years from now and the cooperative sector will also play a crucial role in the country's economic growth.

Shah, who is also the Home Minister, announced that the government will help set up 2 lakh new dairy cooperatives at the village level before the 2024 general elections.

He asked the dairy industry to adopt professionalism, latest technology, computerization, and digital payment in a big way else it could face difficulties going forward.

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The minister asked the dairy industry to boost milk production for meeting rising domestic demand and also for supplying to poor nations.

He also exhorted the industry to become self-sufficient in the manufacturing of machinery used for milk processing.

Shah was speaking at the International Dairy Federation World Dairy Summit (IDF WDS) 2022, being organised at India Expo Centre & Mart here during September 12-15.

The minister said India was the 11th largest economy in the world in 2014 and now it has become the fifth largest.

"I am fully confident that in a few years from now, we will reach the third position," the minister said.

Shah expressed confidence that the contribution of the cooperative sector would also be discussed when the country would become the third largest economy in the world.

Stating that the summit is being organised after a gap of 48 years, Shah said the country has now become self-sufficient in milk production and also an exporter.

The minister sought to distinguish between dairy cooperatives and corporates involved in this sector.

Shah said the dairy cooperatives have played a big role in women empowerment and also in fighting malnutrition.

"Cooperative sector and dairy cooperatives have worked a lot in rural development," he added.

Shah asked the dairy industry to make natural farming its lifeline as this would improve the health of people and also strengthen the economic system.

The Minister announced that three multi-cooperative societies are being set up to promote organic farming and exports.

By the end of this month, Shah said Amul will set up an export house to promote organic products.

The minister also shared the success story of Amul, whose annual turnover has reached about Rs 60,000 crore.

Shah highlighted that 77 per cent of retail prices of milk are passed on to farmers as against 40-45 per cent in the world.

The minister highlighted that the cooperative model is the best for all-around development.

In his address, Uttar Pradesh Chief Minister Yogi Adityanath said there is a huge scope for growth of the cooperative sector in the state.

For employment generation and rural prosperity, he emphasised that there is a need to promote cooperative and dairy sectors.

The dairy sector provides livelihood to farmers as well as nutrition, Adityanath said.

Union Fisheries, Animal Husbandry and Dairying Parshottam Rupala urged the cooperatives to promote the use of cow dung and cow urine, which he said are sacred.

National Dairy Development Board (NDDB) has already formed a company to do research on cow dung and urine, he added.