Union Cooperation Minister Amit Shah announced that the government would set up a cooperative life insurance company to support the growth of cooperatives in India.
Speaking on the fifth Foundation Day of the Cooperation Ministry, he said the ministry had provided a new lifeline to the cooperative movement, which he claimed had been neglected during Congress rule.
Shah said cooperatives have expanded beyond traditional sectors like dairy, sugar, and fertiliser. He cited Bharat Taxi, a cooperative-based ride-hailing platform, as an example of growth and said it would be expanded to 500 cities over the next two years.
He also referred to IFFCO, describing it as already active in insurance via a joint venture with a Japanese firm.
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