There was a period when cooperatives were marred by "corruption, mismanagement and politics" but time has changed now and the sector is poised to move towards prosperity due to reforms brought in by the Modi government, Lok Sabha Speaker Om Birla said on July 2.
Prime Minister Narendra Modi's initiative of creating a separate Ministry for cooperatives has brought in transparency and accountability in the system, Mr. Birla said, and hoped that cooperatives will usher in "a new era of social and economic transformation" in the country.
The Lok Sabha Speaker was addressing the valedictory session of the 17th Indian Cooperative Congress here.
