Union Cabinet on Wednesday approved setting up and promoting a national-level multistate cooperative export society under the Multi-State Cooperative Societies (MSCS) Act, 2002 aimed at providing thrust to exports from the cooperative sector by acting as an umbrella organisation for carrying out and promoting exports.
The move will help to unlock the export potential of Indian cooperatives in global markets, said a Ministry of Cooperation statement followed by the Cabinet meeting chaired by Prime Minister Narendra Modi.
The multistate cooperative export society will be set up with support from relevant Ministries especially the Ministry of External Affairs and Department of Commerce, Ministry of Commerce and Industry through their export-related policies, schemes and agencies by following the 'Whole of Government Approach' for undertaking exports of all goods and services produced by cooperatives and related entities.
"The proposed society will provide thrust to exports from the cooperative sector by acting as an umbrella organisation for carrying out and promoting exports. This will help unlocking export potential of Indian cooperatives in global markets. This proposed society will also help cooperatives in getting benefits of various export-related schemes and policies of different ministries of Government of India in a focussed manner through 'Whole of Government Approach'," said the statement.
"This will also help in achieving the goal of "Sahakar-se-Samriddhi" through the inclusive growth model of cooperatives where the members would benefit both by realization of better prices through the export of their goods and services and also by dividend distributed out of the surplus generated by the society."
Higher exports through the proposed society will increase the production of goods and services by the cooperatives at various levels thus leading to more employment in the cooperative sector, said the Ministry, adding "processing of goods and enhancing the services to match international standards will also generate additional employment".
Increased export of cooperative products would, in turn, also promote "Make in India" thus leading to Atmanirbhar Bharat, it added.
( With inputs from ANI )
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