India's cooperative sector has significant potential to contribute to the country’s economic growth and job creation, with the possibility of generating 55 million direct jobs and 56 million self-employment opportunities by 2030, according to a report by management consultancy firm Primus Partners. The report highlights that India is home to one of the largest cooperative systems globally, representing 30% of the 3 million cooperatives worldwide.
As India aims to become a $50 trillion economy by 2030, the cooperative sector is poised to play a key role in this transformation. The sector is seen as a critical driver of economic growth, social equity, and inclusive development. The report further notes that the cooperative sector could contribute 3 to 5% to India’s Gross Domestic Product (GDP) by 2030, with the combined impact of both direct and self-employment potentially exceeding 10%.
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This growth is attributed to the cooperative sector's ability to foster job creation, particularly in rural areas, and its potential to address economic disparities while promoting sustainable development. As the sector expands, it could significantly enhance India’s employment landscape, making it an important pillar of the country's economic future.