As per the budget announcement made by the finance minister Nirmala Sitaraman, the Modi government has created a new Ministry called the Ministry of cooperation on Tuesday ahead of the expansion of the Union Cabinet.
The aim of the new Ministry is to strengthen the cooperative movement in the country, an official statement said.
The vision of the new Ministry is ‘Sahkar se Samriddhi’, i.e. through cooperation to prosperity.
The official notification said that the ministry will provide a separate administrative, legal, and policy framework for strengthening the cooperative movement in the country. “In our country, a cooperative-based economic development model is very relevant where each member works with a spirit of responsibility,” the statement said. The ministry will work to streamline processes for ‘each of doing business’ for cooperative and enable the development of multi-state cooperatives(MSCS).
A minister in charge of the new ministry may be named this evening. As per the source, the former CM of Assam may get the responsibility of the new ministry.