Context:

The International Cooperative Alliance (ICA) General Assembly and the Global Cooperative Conference 2024 is scheduled to take place from 25 to 30 November 2024, at New Delhi.

More on the news

• The theme for this year’s conference is “Cooperatives Build Prosperity for All,” which is in line with the Prime Minister’s vision of ‘Sahkar se Samriddhi’.  
• Around 1,500 distinguished guests from over 100 countries will participate.
• The Conference will also mark the official launch of the United Nations (UN) International Year of Cooperatives – 2025.

International Cooperative Alliance (ICA)

• ICA was established in 1895 to promote the cooperative model. 
• Headquarters: - Geneva, Switzerland.
• Moved from London in 1982 
• It is the apex body representing cooperatives.
• More than 306 organizations from 105 countries are members of the ICA.
• The ICA unites, represents, and serves cooperatives worldwide.
• It provides a global voice and forum for knowledge, expertise, and coordinated action for and about cooperatives.

What are cooperatives?

• Cooperatives are people-centered enterprises jointly owned and democratically controlled by and for their members to realize their common economic, social, and cultural needs and aspirations.
• Cooperatives allow people to take control of their economic future because they are not owned by shareholders.
• Profits generated are either reinvested in the enterprise or returned to the members. 

UN International Year of Cooperatives – 2025

• The UN General Assembly declared 2025 as the International Year of Cooperatives (IYC2025) to be celebrated under the theme "Cooperatives Build a Better World."
• The United Nations General Assembly declared the first International Year of Cooperatives in 2012.

India’s Initiative Towards Cooperative Sector:

• A separate Ministry of Cooperation was formed to take forward the movement of Cooperatives in India to newer heights.
• India boasts of 1/4^th of the Cooperatives in the World, both number-wise as well as member-wise.
• Formation of three new cooperatives in the sectors: - 
• National Cooperative Organics Ltd. (NCOL), 
• National Cooperative Exports Ltd (NCEL), and 
• Bharatiya Beej Sahkari Samiti Ltd (BBSSL). 
• IFFCO is a significant partner with its ranking as No. 1 in the World Cooperative Monitor for three consecutive years.