What are Cooperative Societies in India?
A Cooperative Society is a voluntary organization of people who band together to pursue a shared economic goal with similar needs. These societies have created to obtain low-cost loans, acquire agriculturally and household supplies and equipment, sell products and even secure a variety of services.
It is an organization owned by the people who consume its services with equal power over all members. Its main goal is to serve the poorer sectors of society by using the principles of self-help and equality.
Members with shared economic activity, such as farming, consumption, fishing, and so on, can organize a Co-operative Society,’ but there should be a minimum of 10 members the age of 18 years. Though the 𠆌ooperative Societies’ is under the State Subject (List II of Seventh Schedule to Constitution) but this Co-operative Societies Act, 1912 is a Central Act. In India, cooperative societies play an important role in the food security system, particularly in the country’s southern and western regions.
Cooperative Societies in India
A cooperative society is an organization owned and run by the people using its goods and services. They are a worldwide phenomenon with various definitions and diverse structures. They are an association of users or small firms, or sometimes households, aiming to serve the community as a whole.
They aim for the replacement of capitalism with cooperation, are non-discriminatory, prioritize discussions, and follow the ideals of self-help and mutual understanding.