Cooperatives backbone of India’s rural economy: Deputy CM

Deputy Chief Minister Mukesh Agnihotri emphasised the importance of technology in empowering cooperatives while speaking on the inaugural day of the two-day National Cooperative Conference that kicked off here today. He said that cooperatives were the backbone of India’s rural economy and highlighted Himachal’s pioneering role in the cooperative movement, dating back to 1892.

The minister said that the state had 5,544 active cooperative societies, including 2,287 agricultural cooperatives and 10 cooperative banks. He added the cooperative banks had deposits to the tune of Rs 27,000 crore to Rs 28,000 crore and a strong presence in rural areas. “Women-led cooperatives such as the Swana Women Federation in Una have achieved remarkable success, registering a turnover of Rs 25 crore,” he added.

The conference has drawn the leaders of India’s cooperative movement, policymakers, regulators and innovators from across the country to celebrate the International Year of Cooperatives-2025 and deliberate on the future of cooperative institutions. Davender Shyam, Chairman of Himachal Pradesh State Cooperative Bank, said that it was not just an event but a milestone in reaffirming the strength of cooperation as an idea and in exploring ways for digital and institutional transformation.

The cooperative fair and Fintech corporate exhibition have brought together a wide range of cooperative institutions and technology partners under one roof. From dairy and agriculture cooperatives to cutting-edge fintech companies, the exhibition is showcasing the power of collaboration and innovation. Delegates witnessed demonstrations of digital solutions tailored for cooperative banks, cybersecurity tools and technology-driven models for financial inclusion.

In an interactive session in the evening, eminent dignitaries such as RBI Governor Sanjay Malhotra, Himachal Chief Secretary Prabodh Saxena, Joint Secretary, Ministry of Cooperation, Raman Kumar and Deputy MD, NABARD, Goverdhan Rawat spoke on the cooperative model as a force for inclusive growth.