Cooperative sector helps in democratic empowerment, says Bhupender Yadav

New Delhi, Jan 12 (PTI) The country's cooperative sector helps not only in economic growth but also in democratic empowerment, Union minister Bhupender Yadav said on Monday.

Highlighting the importance of financial literacy and data-based governance, he also said that the cooperatives sector can play a major role in making India a developed country.

Yadav, who is in charge of the Ministry of Environment, Forest and Climate Change, also emphasised the need for faster audits of cooperative organisations as well as boost their internal controls.

According to him, the cooperative sector helps in economic growth and in democratic empowerment.

The government has democratised the cooperative sector, bringing benefits at the grassroot level, he said and added that the sector, unlike the corporate segment, ensures development and employment opportunities in the rural areas.

Around 32 crore people are involved in the cooperative sector and there are more than 8.5 lakh cooperative organisations, Yadav said.

The minister was speaking at the Cooperative Chintan Shivir on 'Transforming India's Economic Future with Expanding Role of CAs' organised by the Institute of Chartered Accountants of India (ICAI) in the national capital.

Minister of State for Cooperation Krishna Pal Gujar said the ministry has done excellent work in the last four years.

Bharat Taxi will be launched soon in the cooperative sector wherein drivers will benefit more and around 1.2 lakh drivers have already registered for the initiative, he said.

Former Union minister Suresh Prabhu said the cooperative sector will be the driver of the country's economic growth in the next 10 to 15 years.

At the event, ICAI President Charanjot Singh Nanda said chartered accountants are financial soldiers working for the progress of the country.

The institute has a separate committee for cooperatives and is making efforts to help them in adopting best practices. PTI RAM MJH DR DR