Cooperatives contribute 10pc GDP

The cooperatives run in various parts of the country have helped improve the economic situation of the country, increasing contribution every year to the growth of Gross Domestic Product (GDP). The contribution by the cooperatives to the financial sector has reached 10 per cent, according to the Department of Cooperative. Public interest and attraction have been increased towards cooperatives with its easy expansion and wide outreach and subsequently it has discharged significant role for the economic transformation of the society, according to the Department.

Over 2,000 cooperatives have been registered across the country during the first five months of the current fiscal year, the Department informed. The number of cooperatives stood at 20,000 in the country as of last year, according to Registrar of the Department, Sudarshan Dhakal. ´Number of cooperatives immoderately went up during the last three years, we are now mulling to render quality´, said Registrar Dhakal, adding that the future of cooperative is bright since it has the strength to cover all sections of society and economic transformation of the country through cooperative is not a far cry if it gets support from all sides.

Financial transaction worth over 100 billion is being carried out through cooperatives every year, according to the Department source. The share capital of cooperatives working in different sectors has touched Rs. 9.36 billion. Similarly, the cooperatives have accumulated savings Rs. 58 billion and made investment of Rs. 61.54 billion, the Department made public. The statistic of the Department reveals that some 200,000 office-bearers are associated and more than 50,000 are in direct employment in the cooperatives.

The State should put the cooperatives on priority while making investment to steer ahead the national economy to growth and reform, recommended cooperative activists. The cooperatives got an environment conducive to its flourishing following the adoption of open market economy in 1995. Though cooperative marked its start many years back, its promotion was not witnessed for a long time.

Now there are 8,888 savings and credit cooperatives, 3,465 multipurpose cooperatives, 2,964 agricultural, 1,205 consumers, 82 science and technology (transportation, communication) 66 coffee, 50 health, 75 tea, 35 herbal and 41 bee-keeping cooperatives in operation in Nepal, according to the data provided by the Department.

Source:
myrepublica