India and IFAD Launch Eight-Year Strategy to Boost Rural Economy
IFAD launches eight-year COSOP strategy to strengthen rural economy
News 18
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The Government of India and the International Fund for Agricultural Development (IFAD) have launched an eight-year Country Strategic Opportunities Programme (COSOP) for 2026-2033. This initiative aims to enhance rural incomes, strengthen resilience, and promote sustainable livelihoods, aligning with India's vision for a developed nation by 2047.
- 01The COSOP 2026-2033 focuses on enhancing the resilience of rural communities and scaling sustainable livelihood opportunities.
- 02The strategy emphasizes strengthening grassroots institutions like Self-Help Groups and Farmer Producer Organisations.
- 03India's partnership with IFAD has been ongoing for nearly five decades, supporting 35 rural development projects.
- 04The initiative aims to position India as a knowledge leader in rural development, sharing successful models globally.
- 05A strategic partnership agreement was signed between IFAD and NABARD to enhance rural finance systems.
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On May 12, 2023, the Government of India, in collaboration with the International Fund for Agricultural Development (IFAD), launched the Country Strategic Opportunities Programme (COSOP) for 2026-2033. This eight-year strategy aims to enhance rural incomes, strengthen resilience, and promote sustainable livelihoods in alignment with India's Viksit Bharat@2047 vision. The COSOP focuses on two strategic priorities: improving the social, economic, and climate resilience of rural communities, and enhancing knowledge systems to scale successful development models. Anuradha Thakur, Secretary of the Department of Economic Affairs, highlighted the partnership's evolution from poverty alleviation to building sustainable, market-oriented rural livelihoods. Donal Brown, Associate Vice-President at IFAD, emphasized the importance of creating a system that connects institutions, finance, infrastructure, and markets. The COSOP also aims to strengthen grassroots institutions such as Self-Help Groups and Farmer Producer Organisations, which are vital for connecting finance and technology to rural markets. Additionally, a strategic partnership agreement was signed between IFAD and the National Bank for Agriculture and Rural Development (NABARD) to bolster rural finance systems. This initiative reaffirms India's commitment to transforming rural livelihoods and enhancing resilience while contributing to global development cooperation.
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The COSOP aims to improve the livelihoods of millions of rural households in India by enhancing financial inclusion and market access, which could lead to increased income and resilience against economic shocks.
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