India to form cooperative life insurance company, expand Bharat Taxi to 500 cities
Union Cooperation Minister Amit Shah announced on Monday that the government will establish a cooperative life insurance company. He also revealed plans to develop a 'utility aggregator cooperative' similar to 'Bharat Taxi', India's first cooperative-led ride-hailing platform.
Speaking at an event, Shah stated that the cooperative life insurer aims to provide affordable life insurance to members of cooperatives across the country. The utility aggregator cooperative will bring together multiple utility services under a single interface, making them accessible to a wider population.
Bharat Taxi, which currently operates on a zero-commission model, ensures that all profits are distributed directly to drivers. The platform has nearly 6 lakh registered drivers and over 36 lakh registered customers. It is currently operational in Delhi-NCR, Lucknow, Chandigarh, Mumbai, Jaipur, Kanpur, Ahmedabad, Rajkot, Somnath, and Dwarka.
Expansion plans for Bharat Taxi include launching services in Ranchi, Patna, Guwahati, Bhopal, Kolkata, Indore, and Nagpur over the next few months. The government aims to extend the platform to 500 cities, providing a sustainable livelihood for drivers and affordable rides for customers.
India has more than 8 lakh cooperatives, with over 32 crore people associated as members. The cooperative life insurance company and utility aggregator are part of efforts to strengthen the cooperative sector, which plays a vital role in the country's economy.
