India’s cooperative sector is positioned for substantial growth, with the potential to create up to 11.1 crore jobs by FY30, according to a report by Primus Partners. This growth is driven by the expansion of cooperative societies, which are a cornerstone of India’s economic and social development. With over 8.5 lakh cooperative societies in the country, India’s cooperative network is the largest in the world, accounting for nearly 30% of the 30 lakh cooperative societies globally. As India aims to become a US$ 5 trillion economy by FY30, the cooperative sector is set to play a crucial role in contributing to economic growth, social equity, and inclusive development.

The cooperative sector’s employment potential is especially noteworthy. The report estimates that cooperatives could create 5.5 crore direct jobs and 5.6 crore self-employment opportunities by FY30. Currently, the cooperative sector is responsible for 13.3% of total employment in India, a substantial increase from just 1.2 million jobs in 2007-08 to 5.8 million jobs in 2016-17. This represents a remarkable annual growth rate of 18.9% in employment opportunities within the sector. Cooperatives have become a significant source of livelihood for millions of Indians, providing both direct employment and fostering self-employment.

In terms of self-employment, cooperatives have already made a considerable impact. The report notes that self-employment opportunities rose from 15.47 million in 2006-07 to 30 million by 2018, with the sector growing at a rate of 5-6% annually. This momentum is expected to continue, and by FY30, cooperatives are anticipated to generate up to 56 million self-employment opportunities. This growth will significantly contribute to improving livelihoods across India, particularly in rural areas, by creating avenues for self-sustaining work.

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The cooperative sector is also expected to contribute 3-5% to India’s GDP by FY30, a figure that could exceed 10% when considering the combined impact of direct employment and self-employment generated by cooperatives. This growth could be transformative for India’s economy, especially as the government works towards its US$ 5 trillion GDP target. The role of cooperatives in improving social equity and fostering inclusive growth aligns with India’s broader development goals.

A significant step in supporting the cooperative sector was the establishment of the Ministry of Cooperation in FY21. This move aims to modernize and streamline policies to facilitate the growth and sustainability of cooperatives across India. While the sector has made impressive strides, there are still challenges that need to be addressed. The report emphasizes the importance of adequate funding and promoting self-reliance across the 8.5 lakh cooperative societies in India. Ensuring these cooperatives have access to sufficient resources and are able to function autonomously will be key to their long-term sustainability.

The cooperative sector has the potential to be a game-changer in India’s economic development, especially in creating job opportunities and supporting self-employment. As the sector expands and modernizes, it will not only contribute to GDP growth but also play a central role in advancing inclusive development and improving the livelihoods of millions of people.

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