‘Co-operative sector can generate large number of jobs’: RBI Director

Mangalore Today News Network

Mangaluru, Feb 20, 2020: Reserve Bank Director Satish Marathe on Wednesday said that thousands of jobs can be created by increasing the quantum of food processing through the cooperation sector as India’s food processing achievement is just 20 % as against 70 % in developed countries.

 

He was delivering the keynote address at the inauguration of a two-day national seminar on “Indian economy in transition: Prospects and challenges of cooperatives” at the University College here. Mr. Marathe said that there were over 65,000 cooperatives in the country that were running profitably. Profit can be earned through extension and proper planning in cooperative mode, he said.

In his inaugural address, Mangalore University Registrar A.M. Khan said that the “growing together” policy of the cooperative sector can boost Indian economy in the present juncture. Recalling the white revolution and green revolution, he said that cooperative policies should help the downtrodden, while the corporate style of functioning does not suit the sector.

Speaking on the occasion, CAMPCO president S.R. Sathishchandra said that the cooperative policy was nothing but a lifestyle and primary cooperative system was like the cradle of democracy. With the help of green, white and knowledge revolution, India has turned to become a superpower in the world, he said.

Stating that India has lakhs of cooperative entities, Sahakara Bharathi National General Secretary Udaya Vasudeva Joshi said that their presence should help the sustainable development of downtrodden.

Vishwakarma Cooperative Bank president Harish Achar and college principal M.A. Uday Kumar hailed the success and benefits of the cooperative policy and wanted more research on that field. SCDCC Bank CEO B. Ravindra, college professor Jayavantha Nayak and University Evening College principal B.M. Ramakrishna and others were present.