The Centre has begun consultations with various stakeholders on the creation of a national cooperative database that will aid in the convergence of various programmes adopted by states and the federal government, as well as the establishment of good governance and market orientation.
The first meeting was just held, and it was chaired by Cooperation Secretary D K Singh. Along with central and state government authorities, representatives from cooperative federations and institutions including as RBI, NABARD, and IRMA were present.
Even while many state governments and central ministries are implementing schemes for the benefit of their domain cooperatives, there is currently no authentic data repository.
The official stated that stakeholders have been asked to provide details on the current status and form of data available, whether it is in digital or physical form, in order to simplify the database.
Stakeholders were also asked for their opinions on how much live data can be stored, as well as the frequency and procedure for updating it. They've been asked to make recommendations on how to maintain data accuracy and dependability, according to the official.
The official stated that the purpose of creating a national database is to serve as an effective planning tool for state governments, federal ministers, federations, co-operators, and sectoral agencies such as NABARD and RBI.
This database will aid in assessing the cooperative sector's contribution to the national economy and, as a result, will aid in efforts to achieve the national goal of a USD 5 trillion economy.
It will also aid in intra- and inter-sector benchmarking, as well as expanding the possibilities for the involvement of start-ups, he noted.
According to the National Cooperative Union of India's data, there are currently 8.5 lakh cooperatives in India (NCUI). Credit cooperatives account for 20% of the total, while non-credit cooperatives account for the remaining 80%, which include a wide range of industries.