SYLLABUS SETION: GS II (GOVERNANCE)
WHY IN THE NEWS?
Recently, International Day of Cooperative has been celebrates, which marks the 100TH INTERNATIONAL DAY OF CO-OPERATIVES.
MORE DETAILS:
- Started in 1923 by international cooperative movement and International Co-operative Alliance, International Day of Cooperative is celebrate on first Saturday of July.
- Co-operatives have been acknowledge as associations and enterprises through which citizens can effectively improve their lives while contributing to the economic, social, cultural and political advancement of their community and nation.
ADVANTAGES OF COOPERATIVES:
- Secure productive employment, have both social and economic objectives, values and community base, offers low-cost credit, aid in generation and utilization of social capital etc.
COOPERATIVE MOVEMENT IN INDIA:
- The cooperative movement in India is the largest in the world to celebrate 100TH INTERNATIONAL DAY OF CO-OPERATIVES.
- Cooperatives in India with a network of over 8.5 lakh covering 90 percent of the villages, are pivotal institutions for bringing socio-economic development for inclusive growth in both rural and urban areas.
- AMUL, IFFCO, KRIBHCO, NAFED, etc. some of the well- known success stories of the cooperative movement in India.
- Cooperatives are present in 91% villages with nearly 13 crore people directly associates with them.
- Can be formed under provisions of Co-operative Societies Act, 1912.
- 97th Constitutional Amendment Act added Article 43B and Part IXB to Constitution for effective management of cooperative societies.
Read more:Â UPSC CURRENT AFFAIRS
SOURCE: PIB