According to Amit Shah, the cooperative sector will be essential for India's rise to the third-largest economy in the next years

India will overtake China as the third-largest economy in the world in a few years, according to Cooperation Minister Amit Shah, and the cooperative sector will be essential to the expansion of the Indian economy.

The government will assist in establishing 2 lakh new dairy cooperatives at the local level by the 2024 general elections, according to Shah, who is also the home minister.

He urged the dairy business to seriously embrace modern technologies, computerization, and digital payment in order to avoid future challenges.

The minister urged the dairy sector to increase milk output in order to feed both developing countries and the growing domestic demand.

He also urged the sector to develop its own capacity for producing the equipment needed for processing milk.

Speaking at the IDF WDS 2022, which is being held at the India Expo Centre & Mart in this city from September 12 to 15, was Mr. Shah.

According to the minister, India's economy was the 11th largest in the world in 2014, but it is currently the fifth largest.

The minister declared, "I am totally certain that in a few years, we will achieve the third position.

Mr. Shah stated his conviction that when the nation's economy grew to the third largest in the world, the cooperative sector's contribution would also be discussed.

Shah noted that the summit is being held after a 48-year hiatus and claimed that the nation is now self-sufficient in milk production and an exporter.

The minister made a point of differentiating between corporations and dairy cooperatives that are active in this market.

According to Mr. Shah, dairy cooperatives have been essential in empowering women and battling malnutrition.

He continued, "The cooperative sector and dairy cooperatives have worked very hard in rural development."

Mr. Shah urged the dairy industry to turn to natural farming as its lifeblood in order to promote human health and the economy.

The Minister declared the establishment of three multi-cooperative societies to advance organic farming and exports.

Mr. Shah stated that Amul will establish an export business by the end of the month to market organic products.

The minister also discussed Amul, a company with an estimated 60,000 crore in yearly revenue.

Mr. Shah emphasised that 77% of milk retail prices go directly to farmers, compared to 40%–45% globally.

The cooperative model is the ideal for all-around growth, the minister emphasised.

Yogi Adityanath, the chief minister of Uttar Pradesh, stated in his speech that the cooperative sector in the state has enormous potential for expansion.

He emphasised the need to support the dairy and cooperative industries in order to create jobs and improve rural prosperity.

According to Yogi Adityanath, the dairy industry offers farmers a means of subsistence as well as food.

Parshottam Rupala, the Union Minister for Fisheries, Animal Husbandry, and Dairy, urged the cooperatives to promote the usage of cow dung and cow urine, which he claimed were sacrosanct.

He stated that the National Dairy Development Board (NDDB) has already established a business to conduct studies on cow waste and urine.