- Definition: Co-operative societies are voluntary associations of individuals united by common economic interests, formed to promote their welfare and protect their rights through collective efforts.
- Legal Framework
- Governed by the Co-operative Societies Act, 1912 and respective state laws.
- Constitutional status was granted through the 97th Constitutional Amendment (2011).
- 97th Constitutional Amendment (2011)
- Inserted Article 19(1)(c): Recognized the right to form co-operative societies as a fundamental right.
- Added Part IXB: Dealt specifically with co-operative societies.
- Directed states to promote voluntary formation, autonomous functioning, and democratic management of co-operatives.
- Types of Co-operative Societies
- Agricultural Co-operatives: Support farmers with inputs like seeds, fertilizers, and irrigation.
- Credit Co-operatives: Provide financial assistance to members.
- Consumer Co-operatives: Supply essential goods at reasonable prices.
- Marketing Co-operatives: Assist members in marketing their produce.
- Housing Co-operatives: Help members acquire housing.
- Industrial Co-operatives: Support small industries and self-employed artisans.