Inaugurating the 20th annual general assembly of the National Cooperatives Association (NCA) here today, Minister Dhakal said that the cooperatives has made a great contribution for social and economic development of remote districts.
He said the cooperatives should be taken to the villages making it more systematic and transparent.
The Cooperatives Minister said that all the cooperative associations should be run in an inclusive manner as social unity is the main objective of the cooperatives.
Stating that the country will be pushed backward if the cooperatives sector becomes weak due to the different types of malpractices in this sector, he said the capital of the cooperatives should be invested in productive and employment sectors in a disciplined and systematic manner.
The cooperatives is known as the third pillar among the three pillars of the economy and has been making great contribution towards economic prosperity, Minister Dhakal added.
Similarly, Chief Secretary, Lilamani Paudyal, said that it was necessary to take the cooperatives as the pillar of the economy as it is the strong medium for economic development of the country and for building an equitable and prosperous society.
Paudyal urged the cooperatives to be aware in time as trust of people towards them would decrease if the concerned bodies do not address different problems seen in this sector of late.
Likewise, Secretary at the Ministry, Rana Bahadur Shrestha, expressed the belief that the recently approved Cooperatives policy will help in the promotion and development of the cooperatives.
Governor of Nepal Rastra Bank (NRB), Dr. Yubraj Khatiwada, said that the cooperatives sector, which has played a crucial role for social and economic development of the country, should expand their services.
Presenting the annual report of the NCA, president Keshav Badal said that the NCA was working constantly to taking the cooperatives sector ahead making it stronger and regulating the malpractices seen of late in the cooperatives sector.
On the occasion, Executive Vice-chairman of the Youth Self-employment Fund, Punya Prasad Regmi, immediate past president of the National Cooperatives Association, Deepak Prakash Banskota, among others dwelt on the contribution of cooperatives in the social and economic development of the country.
As per the annual report of the NCA, there are 26,501 different types of preliminary organizations, 242 district level associations, 16 central associations, one national cooperatives bank and the National Cooperatives Association as the highest body.
The cooperatives network has expanded to all 75 districts across the nation. The cooperatives sector´s contribution to the financial sector has reached around 18 per cent, its share capital to Rs. 27.10 billion, and savings to Rs. 140 billion and investment to Rs. 135 billion.
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