Journal Name:
- Indian Streams Research Journal
| Author Name | University of Author |
|---|---|
Abstract (2. Language):
The Cooperative Movement in India was formally introduced with the promulgation of Cooperative
Societies Act in 1904. Even before formal cooperative structures came into being through the passing of a law, the
practice of the concept of cooperation and cooperative activities were prevalent in several parts of India. Some of
them were named as Devarai or Vanarai, Chit Funds, Kuries, Bhishies, Phads. Cooperatives in India function in
different sectors face diverse problems. The situation is further complicated by the fact that Cooperatives is a State
subject under the Constitution of India and State cooperative laws and their implementation have vastly differed.
The situation is further complicated by the fact that Cooperatives is a State subject under the Constitution of India
and State cooperative laws and their implementation have vastly differed. The global economy, and in particular the
Indian economy, has gone through transformation. The positive dimension of globalization included liberal
economic policies, reduction of state intervention, and easy access to monetary capital and consequently new
opportunities for economic participation. This is already evidenced in India in the form of increased economic
growth and State withdrawal from many economic and social domains. Cooperatives are the best channels to keep
the spirit of collectivism and democracy afloat. The presence of a large network of social organizations, like
cooperatives, would aid in the generation and utilization of social capital and 'greater the social capital greater
would be the possibility of development'. Therefore, cooperatives have a futuristic role of fostering collectivism
and preserving the social capital base of the country.
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