12th July 2021

12th July 2021: List

MINISTRY OF COOPERATION

News: It was created during the cabinet reshuffle on 7th July and the current Home Minister is given the charge of the ministry.

Mandate: It aims to strengthen the cooperative societies in India, as announced in this year's budget speech.

Significance:

It provide a separate administrative legal and policy framework to strengthen the cooperative movement in the country.
It will aid in deepening Co-operatives as a true people based movement reaching upto the grassroots.
A Co-operative based economic development model is very relevant in India as here each member works with a spirit of responsibility.
The ministry will work to streamline processes for ‘Ease of doing business’ for co-operatives and enable development of Multi-State Co-operatives (MSCS)

What are cooperatives?

Cooperatives are organisations which are formed at the grassroots level by people to harness the power of collective bargaining towards a common goal.

12th July 2021: Text