Empowering the Cooperative Sector: Maharashtra to Form Committee for Amendments in Cooperative Law – CM Devendra Fadnavis
Seminar on “Empowerment of Cooperation and State Government Policy” Held in Mumbai
Mumbai, May 12: Maharashtra Chief Minister Devendra Fadnavis announced today that the state will establish a committee to propose necessary amendments to the existing Cooperative Act, aiming to ensure justice to all stakeholders in the cooperative sector. He emphasized the need to introduce new chapters in the law to address the contemporary requirements of various cooperative domains.
Speaking at a seminar on "Empowerment of Cooperation and State Government Policy" organized at Yashwantrao Chavan Pratishthan, Mumbai, to mark the 150th anniversary of the uprising in Supe (a landmark event in India’s cooperative movement) and the International Year of Cooperatives 2025, CM Fadnavis highlighted the significant transformation within cooperative banks through the adoption of core banking systems and advanced technologies.
Deputy Chief Ministers Eknath Shinde and Ajit Pawar, Union Minister for Road Transport and Highways Nitin Gadkari, MP Sharad Pawar, and senior cooperative leaders such as Vidhyadhar Anaskar and Dilip Dighe were present at the event.
Fadnavis noted that due to modern banking services offered by cooperative banks, these institutions have managed to survive and thrive even during fiscally challenging times. Referring to the uprising in Supa village in Pune on May 12, 1875, he stated it was the origin of the cooperative movement in India.
He also praised Prime Minister Narendra Modi for establishing a dedicated Ministry of Cooperation at the Centre, which is strengthening cooperative initiatives across the country. With the World Bank’s assistance, 10,000 villages are being equipped with training for cooperative institutions to establish business models, including initiatives in agri-business.
The CM stressed the need for cooperative sugar factories to diversify into by-products to remain globally competitive. He also addressed power cost challenges faced by cooperative spinning mills and said the state is promoting solar energy to overcome these issues.
Highlighting housing cooperatives, which make up 50% of all cooperative societies, he stated that a separate chapter was added to the Act for their regulation. A new self-redevelopment policy with 17 types of government concessions is helping Mumbai residents secure affordable homes. A dedicated committee under MLA Pravin Darekar has been formed for self-redevelopment of housing societies.
The government will also explore increasing financial transactions through cooperative banks and make decisions accordingly, the CM said.