Q1.. Discuss the meaning and importance of cooperatives. Explain the growth in cooperatives sector in India.
- Cooperatives: Voluntary, autonomous association for common needs, democratically controlled.
- Importance: Economic empowerment, fair prices, local development, social cohesion for members.
- ICA Principles: Voluntary membership, democratic control, member economic participation are core.
- Indian Growth: Started with 1904 Act for credit, diversified post-independence with state support.
Answer: A cooperative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. Its fundamental principle is "self-help through mutual help," distinguishing it from purely profit-driven entities. Members are uniquely both the owners and the primary beneficiaries of the cooperative's services or products. According to the International Cooperative Alliance (ICA), k...