Committee to be formed for amendments to Cooperative Societies Act in Maharashtra, says CM Fadnavis
The Hindu
Maharashtra Chief Minister and Union Minister propose amendments to Cooperative Societies Act for economic growth and development.
Maharashtra Chief Minister Devendra Fadnavis on Monday (May 12, 2025) announced the formation of a committee to look into amendments to the Maharashtra Cooperative Societies Act, 1960.
“The existing Cooperative Societies Act needs to evolve with times. To do so, new chapters related to each sector will be included in the law,” Mr. Fadnavis said.
Union Minister of Road Transport Nitin Gadkari recommended the formulation of a new law for the cooperative sector in the State to factor evolving economic conditions and market competition. Mr. Gadkari also suggested a detailed study to examine the socio-economic impact of the cooperative movement in the State.
“The capital market is so huge. The government should give it a push. The organisation which works well — let them sell the stock in the market. If they are doing well, their share value will increase; otherwise (it will) fall,” Mr. Gadkari said, addressing a seminar organised by the Maharashtra State Cooperative Bank.
“There is no alternative to it,” Mr. Gadkari said, hailing capitalism.
Mr. Fadnavis gave China as an example. “With time, ideologies dominating politics gradually became weaker. So, with time, we should adapt. Earlier, communism was the fashion, now everything [has] disappeared,” Mr. Fadnavis said, adding that China still had a “red flag” (a reference to communism) but accepted liberal economic thinking, leaving behind Marxist ideology for the sake of the development of the country.
Mr. Gadkari reflected on the image of the cooperative movement outside Maharashtra, stating that the story of the cooperative sector was “image versus reality, ground reality versus perception”.
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