Cooperatives are backbone of nat'l economy: PM

KATHMANDU, Jan 13: Prime Minister Dr Baburam Bhattarai has said that the parties have agreed to include the three-pillar economy of the public, private and cooperatives in the new constitution.



The Prime Minister expressed commitment to develop cooperatives sector as the backbone of socio-economic development, opining that cooperatives should be developed as a bridge between private and public sectors.[break]



Speaking at a program organized on the occasion of the 19th general assembly of the National Cooperatives Association on Friday, the Prime Minister said the government is planning to establish a Ministry of Cooperatives and Poverty Alleviation for overall promotion of the cooperative sector.



The PM also said that amendment to the Cooperative Act- 2048 BS is underway and urged the cooperative sectors to invest in energy sector as well.



Dr Bhattarai said cooperative should be made a medium to promote living standards of the poor.



At present 23,000 plus cooperatives are into operation and three million people are members in the cooperative organizations.



The Cooperatives sector has three percent contribution to the country´s Gross Domestic Product (GDP).

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