Amit Shah made the announcement on July 6 while addressing the fifth foundation day celebrations of the Ministry of Cooperation. He said the ministry had provided a new lifeline to India's co-operative sector and highlighted the government's continued efforts to modernise and strengthen the system through improved transparency, professionalism, and governance.
India currently has approximately 850,000 co-operative societies with more than 300 million members. Shah said the government has established a national co-operative database to support planning, policy formulation, and future expansion of the sector.
The proposed life insurance company is expected to play a key role in expanding the government's co-operative model into new sectors. Shah noted that the Indian Farmers Fertiliser Cooperative has already entered the insurance industry through Iffco-Tokio, a joint venture with a Japanese partner. The new national co-operative life insurer will further strengthen the sector's presence in the insurance market while extending financial protection to millions of members through the extensive co-operative network.
The launch of the insurer remains subject to regulatory approval from the Insurance Regulatory and Development Authority of India. According to the government, the necessary approvals are expected within the next six to twelve months before the company begins operations.
Shah also said the Ministry of Cooperation has been working to institutionalise the co-operative sector by establishing national co-operative societies focused on seed production, exports, and organic produce, creating a stronger framework for long-term growth.
Meanwhile, the government announced a major expansion of Bharat Taxi, the co-operative ride-hailing platform launched in New Delhi in February. The service currently operates in Mumbai, Gujarat, Chandigarh, Pune, Jaipur, Kanpur, and Lucknow, and will expand to 500 cities over the next two years.
Over the coming months, Bharat Taxi will also begin operations in Ranchi, Patna, Guwahati, Bhopal, Kolkata, Indore, and Nagpur as part of its nationwide expansion strategy. The platform currently has 637,000 registered drivers and 3,577,000 registered customers.
The proposed national co-operative life insurer represents another significant step in the government's broader strategy to strengthen India's co-operative ecosystem by expanding its role in financial services while improving insurance accessibility and supporting long-term economic participation through the country's extensive co-operative network.
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