A Cooperative Society is a group of people who come together voluntarily to achieve a common goal. The main purpose of such societies is not to earn big profits, but to help members by working collectively. Cooperatives are built on the idea of “unity is strength.”
Meaning
In simple terms, a cooperative society is an organization formed by people who pool their resources to meet their economic, social, or cultural needs. For example, a group of farmers can form a cooperative to sell their produce at better prices.
Features
1. Voluntary Membership – Anyone can join or leave freely.
2. Democratic Control – One member = One vote, regardless of shareholding.
3. Limited Liability – Members are only liable to the extent of their contribution.
4. Service Motive – The focus is on service, not profit.
5. Government Support – Coops get special benefits like tax concessions and loans.
Benefits
Examples in India
- Amul Dairy Cooperative – Supports farmers and provides quality milk products.
- Housing Societies – Provide affordable homes.
- Credit Societies – Offer loans at low interest to members
Conclusion A cooperative society is a practical way for people to come together and achieve goals that may be difficult individually. With teamwork, transparency, and equal participation, cooperatives improve the lives of their members while promoting social and economic justice.