Prime Minister Narendra Modi on Tuesday has announced new ‘Ministry of Cooperation’ to buff up the cooperative movement in the country.

Notably, this announcement has come a day before PM Modi’s Cabinet rejig is scheduled to take place on July 7 at 6 pm in New Delhi.

According to sources, the expansion of Cabinet will hail new 'young' faces at significant positions.

Terming it a historic move, the GoI says the Ministry of Cooperation has been created to strengthen the vision of ‘Sahkar se Samriddhi’ (Prosperity from Cooperation) to emphasize community-developmental projects.

This ministry will provide a separate administrative, legal, and policy framework for strengthening the cooperative movement in the country. It will help deepen co-operatives as a true people-based movement reaching up to the grassroots.

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"Creation of a separate Ministry for Cooperation also fulfills the budget announcement made by the Finance Minister," states GoI.

Pertinently, the Ministry will work to organize the processes to bring up ease in doing business for cooperatives along with development of Multi-State Co-operatives (MSCS).