Q1. Explain the functions of cooperatives. Elaborate on the role of cooperatives in sustainable development.
- Cooperatives meet members' common economic, social, and cultural needs through collective action.
- Key functions include local economic development, employment generation, and poverty reduction.
- Cooperatives empower members through democratic 'one member, one vote' decision-making and participation.
- They foster social cohesion, community welfare, and educate members on skills and cooperative principles.
Answer: Cooperatives are autonomous associations of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. Rooted in values of self-help, self-responsibility, democracy, equality, equity, and solidarity, cooperatives perform crucial functions that address market failures and foster community well-being. These functions inherently lay the groundwork for sustainable development across its econom...