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66% investment of cooperatives in unproductive sector


KATHMANDU: Approximately 66 per cent investment of the cooperatives sector is in the unproductive sectors, said the Department of Cooperatives (DoC) under the Ministry of Poverty Alleviation and Cooperatives.

It said the cooperatives sector has invested Rs. 134 billion in the country and around Rs.90 billion of it was spent in the unproductive sector.

Speaking at interaction here Wednesday, Kedar Neupane, Registrar of the DoC, said that some cooperatives of the urban areas were found investing in the unproductive sector, especially in real estate, which attributed to the increase its ration in unproductive sector.

Over 29,500 cooperatives have been registered across the country so far and they have mobilized around Rs.158 billion deposits, he said, adding that the cooperatives contributed around 3 per cent in Gross Domestic Products.

He, however, said that the department and the government are effortful to increase investments of the cooperatives in the productive sectors as the cooperatives is a major tool for poverty alleviation in the nation.

Neupane said that around 4,350,000 people are members of the cooperatives which have provided direct job to more than 52,000 people and 700,000 people were getting indirect employment.

“Some cooperatives in the urban areas are found breaching the norms and principle but almost all cooperatives of the rural areas are following the cooperatives norms. So, the members themselves should monitor the cooperatives to drive the cooperatives as per the norms,” he said.

He stressed the need of educating and generating awareness among the cooperative members for promoting and developing the sector properly.

Stating that existing laws and policies were preventing the authorities from taking action against those who were operating cooperatives by breaching the norms, he said that they need amendment.

He asked media persons to play a crucial role for the promotion of cooperatives and success the cooperatives movements effectively.

Keshab Badal, chairman of National Cooperatives Federation, said that the government could not adopt cooperatives as economic model of country’s development even taking it as a one pillar of economy.

The policies makers failed to make effective polices for the development of the cooperatives sector, he said.

“The country will not prosper until and unless the cooperatives sector was promoted in the country. The cooperative is a major tool for socio economic development and poverty alleviation,” he said.

The government should develop infrastructure and ensure market for the farmers, he said, adding that the production will increase through cooperatives if the government manages markets for their products.

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Information for Indian tourists travelling by land:- 72 hours (-) C-19 report, CCMC form and Antigen Test at entry point
Information for Indian tourists travelling by land:- 72 hours (-) C-19 report, CCMC form and Antigen Test at entry point
Information for Indian tourists travelling by land:- 72 hours (-) C-19 report, CCMC form and Antigen Test at entry point