The Narendra Modi government has decided to create a new Ministry of Cooperation with an aim to strengthen the cooperative movement in the country, official sources said on Tuesday.
Amid a strong buzz about a massive cabinet reshuffle exercise expected on Wednesday, government sources said the new ministry is being created for realising the vision of 'sahkar se samriddhi' (through cooperation to prosperity).
This ministry will provide a separate administrative, legal and policy framework for strengthening the cooperative movement in the country, sources added.
A minister in charge for the new portfolio may be named on Wednesday.
The new ministry will help deepen cooperatives as a true, people-based movement reaching till the grassroots, sources said.
In the country, a cooperative-based economic development model is very relevant where each member works with a spirit of responsibility, they added.
The ministry will work to streamline processes for 'ease of doing business' for cooperatives and enable development of multi-state cooperatives (MSCS).
The central government has signalled its deep commitment to community-based developmental partnership. The creation of a separate ministry also fulfils the announcement made by the Finance Minister in the Union Budget, they added.