Panel setup for Cooperative Policy

Recently, the Centre announced the constitution of a committee for drafting of the national cooperative policy document. The 47-member committee will be headed by former Union Minister Suresh Prabhu.

Need: The existing National Policy on Cooperatives was formulated in 2002.

• India has about 8.5 lakh co-operative societies with a member base of around 29 crore. These co-operatives are engaged in varied activities like agro-processing, dairying, fisheries, housing, weaving, credit, and marketing, among others.
• Thus, a new and an effective cooperative policy is much need for the overall development of cooperative sector.

Expected Impact: The new policy will go a long way in strengthening the co-operative movement in the country.