PM Modi Connected 60 Cr People Without Bank Accounts To India’s Economy: Shah At Mumbai Uni

Union Minister Amit Shah on Saturday delivered the Laxmanrao Inamdar Memorial Lecture at Mumbai University. The event was attended by Governor Ramesh Bais, Chief Minister Eknath Shinde, Deputy CMs Devendra Fadnavis and Ajit Pawar. He emphasised the significance of the cooperative sector in India, dispelling notions of its irrelevance. Shah attributed its resurgence to the Narendra Modi government’s decision to separate it from the agriculture ministry, noting the sector has experienced significant growth as a result.

The lecture was organised in association with Sahakar Bharati, a cooperative body founded by Inamdar, emphasizing the importance of the cooperative sector in the country’s development. 

At Mumbai University, Shah, who holds the cooperation portfolio alongside his role as the home minister, highlighted measures undertaken by Prime Minister Modi-led government. He further praised the Modi government for integrating approximately 60 crore people who lacked bank accounts and were part of the informal economy into the mainstream financial system.

“PM Modi separated the cooperative department from the agriculture department and made it independent. Many people thought that the cooperative sector is now outdated and irrelevant. But at the same time, PM Modi induced new life into the cooperative department… From 2014 to 2023, PM Modi connected 60 crore people to the country’s economy… They did not have any bank account… They lived in the informal economy. They had no security, stability, or dreams. PM gave these 60 crore people all facilities, including gas, water, etc… Their concerns for health, housing, and food security were resolved,” he stated.

Shah underscored the human-centric nature of cooperation, highlighting that individuals with limited capital can contribute to the economy by collaborating and competing with those who have greater financial resources, news agency PTI reported. 

The Union Minister emphasised the need for the cooperative movement to embrace modern technologies, advocating for a shift towards mass production and production by the masses. This, he suggested, would be essential for the continued growth and relevance of the cooperative sector in India.

A release said that the cooperative sector holds immense importance in the country’s development. The university’s Commerce, Management and Economics departments conduct studies and research in the cooperative field. Shah, who is the Union home and cooperation minister, will also visit Ganpati pandals in the city and offer prayers. 

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