Amit Shah announces new cooperative life insurance company on lines of Bharat Taxi
Union Minister Amit Shah on Monday (July 6, 2026) said a cooperative life insurance company will be set up to boost the growth of cooperatives
Union Minister Amit Shah on Monday (July 6, 2026) said a cooperative life insurance company will be set up to boost the growth of cooperatives in the country. At a function in the national capital to mark the 5th Foundation Day of the Ministry of Cooperation, Mr. Shah said the establishment of the Ministry has given a new "lifeline" to India's cooperative movement, which was a "neglected movement" during the Congress rule. The Cooperation Minister said 'Bharat Taxi' has been doing well and would be expanded into 500 cities in the next two years. On similar lines of Bharat Taxi, Mr. Shah said, "We will be setting up a life insurance company in the cooperative sector. This will help in the growth of cooperatives in the insurance sector." He mentioned the fertilizer cooperative IFFCO is already in the insurance business through a joint venture with a Japanese firm. India has around 8.5 lakh cooperatives with more than 30 crore members.
The Minister listed out the initiatives taken by the Ministry in the last five years, including the steps taken to bring transparency and professionalism into the cooperative ecosystem. He said the Ministry has created a database of the cooperative sector and this will help in the expansion of cooperatives in the country. Shah said the government is establishing 'Tribhuvan' Sahkari University for capacity at Anand in Gujarat, which will address the human resource problem. The Minister said cooperatives have expanded into many sectors and they are not limited to only dairy, sugar and fertiliser businesses. Shah expressed confidence that the cooperative sector would play a key role in making 'Viksit Bharat' by 2047. Referring to the initial apprehension that the Union Ministry will interfere in the working of the State governments, he said even the Congress-ruled States have not complained in the last five years that the central Ministry has interfered in their domain. "The Union Ministry is not for interfering in the State subject.
It is for policy making," said Mr. Shah. The Minister said the NDA and BJP governments have always worked for all-round development for the benefit of the poor. Union Minister of Fisheries, Animal Husbandry and Dairying Rajiv Ranjan Singh accused the Congress of destroying the cooperative ecosystem, which he said was ruled then by the 'mafias'. However, he added that the cooperative sector has been strengthened by the NDA government. Singh said the dairy cooperative system is being expanded to make the dairy sector more organised. He said around 40% of the dairy sector is unorganised. Rajasthan CM Bhajan Lal Sharma too alleged that the Congress-ruled government made cooperatives sector a hotbed of corruption. During the event, Mr. Shah laid the foundation stone and inaugurated several major projects and initiatives on this occasion. These initiatives included the transfer of 135 godowns with a capacity of 75,000 tonnes, the inauguration of 85 godowns, and the laying of the foundation stone virtually for 47 grain storage godowns.
The BriefWire