India's cooperatives may add over 11 crore jobs by 2030: Report

India's cooperative sector may create 5.5 crore jobs and 5.6 crore self-employment opportunities by 2030, supported by modernisation efforts and a vast network of cooperative societies.

In Short

• India's cooperatives may create 11 crore jobs by 2030
• Sector could contribute 3-5% to GDP directly
• India has world’s largest cooperative network

India’s cooperative sector is set to become a major force in job creation, with the potential to generate 5.5 crore direct jobs and 5.6 crore self-employment opportunities by 2030, according to a report by management consultancy firm Primus Partners.

Highlighting the cooperative sector’s critical role in driving India’s economic growth, the report reveals that the country’s cooperative network is the largest in the world, representing nearly 30% of the 30 lakh cooperative societies globally.

STEADY JOB GROWTH IN COOPERATIVE SECTOR

The cooperative sector’s role in employment has grown steadily over the years. From creating just 12 lakh jobs in 2007-08, the sector generated 58 lakh jobs by 2016-17, growing annually at a remarkable 18.9%.

This growth highlights its capacity to address both employment and self-employment needs in India.

Primus Partners estimates that with consistent 5-6% growth in self-employment opportunities, the sector can support 5.6 crore self-employed individuals by 2030.

It could also contribute 3-5% to India’s GDP directly and over 10% when including employment impacts.

SUPPORT FROM THE MINISTRY OF COOPERATION

The establishment of the Ministry of Cooperation in 2021 is considered a landmark move to strengthen this sector. The ministry aims to modernise the cooperative ecosystem, streamline policies, and address funding challenges to make cooperatives self-sustainable.

India has around 8.5 lakh cooperative societies with a vast membership base of 29 crore people.

With a focus on autonomy, self-reliance, and democratic management, cooperatives are poised to play a transformative role in realising India’s goal of becoming a USD 5 trillion economy by 2030.

This report underscores how cooperatives can create a balanced mix of economic growth and social equity, making them central to India’s development journey.

(With PTI inputs)