There was a period when cooperatives were marred by "corruption, mismanagement and politics" but time has changed now and the sector is poised to move towards prosperity due to reforms brought in by the Modi government, Lok Sabha Speaker Om Birla said on July 2.
Prime Minister Narendra Modi's initiative of creating a separate Ministry for cooperatives has brought in transparency and accountability in the system, Mr. Birla said, and hoped that cooperatives will usher in "a new era of social and economic transformation" in the country.
The Lok Sabha Speaker was addressing the valedictory session of the 17th Indian Cooperative Congress here.
"Cooperative is a very big sector but there was a period when, in some or other way, there was corruption, lack of proper management, stagnation in the system, politics… which was not good for the cooperatives. Due to corruption, mismanagement and lack of transparency, people had started raising questions on the cooperatives," Mr. Birla said.
He hoped that it would help fulfil the dream of India becoming a self-reliant and a developed country.
"Modi was right when he said that time has changed and along with this change in time, he said we have to take the cooperative sector to greater heights, from 'sahkar se samriddhi' (cooperation to prosperity)," Mr. Birla added.
