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Cooperative societies in India from "summary" of Indian Polity by M. Laxmikanth
Cooperative societies in India play a vital role in the economic and social development of the country. These societies are based on the principles of self-help and mutual cooperation among members. They are formed by individuals who come together voluntarily to meet their common economic, social, and cultural needs. One of the key features of cooperative societies is that they are owned and controlled by their members, who have equal voting rights irrespective of their shareholding. This democratic structure ensures that decisions are taken collectively and in the best interests of all members. Cooperative societies are also non-profit organizations, with any surplus generated being ploughed back for the benefit of the members. Cooperative societies operate in various sectors such as agriculture, credit, housing, consumer goods, and services. They provide a platform for small and marginalized sections of society to access resources, markets, and technology that would otherwise be out of reach. By pooling resources and sharing risks, cooperative societies enable members to improve their economic status and quality of life. The Government of India recognizes the importance of cooperative societies in empowering communities and promoting inclusive growth. To support their functioning, the government has enacted the Cooperative Societies Act, which provides a legal framework for the registration, regulation, and dissolution of cooperative societies. The Act also defines the rights and responsibilities of members, managers, and government authorities in relation to cooperative societies. Despite their many advantages, cooperative societies in India face several challenges such as lack of awareness, inadequate financial resources, management issues, and political interference. Efforts are being made to address these challenges and strengthen the cooperative movement in the country through capacity building, regulatory reforms, and financial support.- Cooperative societies in India are a unique form of organization that embodies the values of cooperation, self-help, and mutual assistance. They have the potential to drive economic development, empower communities, and foster social cohesion. It is essential to nurture and support the cooperative sector to harness its full potential for the benefit of society as a whole.
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