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 otherw...
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