Cooperative sector expected to create 5.5 crore direct jobs, 5.6 crore self-employment opportunities in India: Report

India's cooperative sector holds significant potential for job creation, with estimates suggesting up to 5.5 crore direct jobs and 5.6 crore self-employment opportunities by FY30, according to a report by management consultancy firm Primus Partners. The report highlights that India’s cooperative network, the largest globally, accounts for nearly 30% of the 30 lakh cooperative societies worldwide. As India aims to become a US$ 5 trillion (Rs. 4,22,25,000 crore) economy by FY30, the cooperative sector is positioned as a key driver of economic growth, social equity, and inclusive development. In FY23, cooperatives were responsible for 13.3% of total employment, showing impressive growth from 1.2 million jobs in 2007-08 to 5.8 million in 2016-17, a remarkable annual increase of 18.9%.

Primus Partners further notes that cooperatives have been pivotal in fostering self-employment, with opportunities rising from 15.47 million in 2006-07 to 30 million by 2018. At a sustained growth rate of 5-6%, this sector could create 56 million self-employment opportunities by FY30. Cooperatives are also expected to contribute 3-5% to India’s GDP by FY30, potentially surpassing 10% when both direct and self-employment are considered. Establishing the Ministry of Cooperation in FY21 has been a significant step in modernising and streamlining policies to support this sector. To ensure sustainability and autonomy, the report stresses the need to address funding requirements and promote self-reliance across India’s 8.5 lakh cooperative societies.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.