Union Minister Amit Shah will on Thursday announce a new National Cooperative Policy as part of the Centre's aim to strengthen cooperatives in the country.
Shah, who is also the cooperations minister, will announce the 'National Cooperative Policy 2025' on July 24. The policy has been prepared by a 48-member national-level committee headed by former Union Minister Suresh Prabhakar Prabhu.
"The new cooperative policy will prove to be a milestone in the cooperative movement of India for the next two decades from 2025-45," an official statement said on Tuesday.
The new policy will target to revive and modernise the cooperative sector.
This will replace the first National Cooperative Policy issued in 2002.
The ministry said it became necessary to bring a new policy because of globalisation and technological advancements in the past two decades.
The new policy has been framed to make cooperative institutions 'more active and useful in the current economic scenario' and enhance the sector's role in achieving the goal of becoming a developed nation by 2047.
The policy would also strive to make cooperative institutions inclusive and professional so that they can create employment and livelihood opportunities.
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